Deals

• Oct 7, 2026

  Partners Value Split Corp.

  Co-lead underwriter · Financial Services

  Partners Value Split Corp. announced a $125 million bought deal public offering of Class AA Preferred Shares, Series 18. Currency not confirmed from the snippet (the previous Series 17 was denominated in US dollars).

  125M1 source

• Oct 7, 2026

  The Boots Group

  Financial advisor to Wittington · Retail & Pharmacy

  Buyer Wittington Investments, Limited (with Fairfax Financial Holdings Ltd.) · Seller Sycamore Partners, in partnership with Stefano Pessina and family

  Wittington Investments agreed to acquire the 1,800-store British pharmacy chain Boots from Sycamore Partners and the Pessina family for about US$8.9 billion including assumed debt, with Fairfax Financial partnering on the purchase and Wittington holding operational control. Expected to close in the first quarter of 2027.

  US$8.9B1 source

• Oct 6, 2026

  SmartCentres Real Estate Investment Trust

  Joint bookrunner · Real Estate

  SmartCentres priced $300 million of new 4.795% Series AE senior unsecured debentures due 2032 and a $150 million re-opening of its 3.599% Series AC debentures due 2029.

  C$450M1 source

• Oct 1, 2026

  Ontario Teachers' Cadillac Fairview Properties Trust C$900 million senior unsecured notes

  Joint book-running manager · Real Estate

  The Cadillac Fairview property trust made its inaugural Canadian-dollar bond issue under a new program: a C$900 million private placement split evenly between 4.394% notes due 2030 and 4.727% notes due 2033. Date is the completion date reported by counsel.

  C$900M1 source

• Sep 28, 2026

  Slate Grocery REIT

  Lead financial advisor to Brixmor and the purchaser · Real Estate

  Buyer Brixmor Property Group Inc. and Everview Partners

  Slate Grocery REIT agreed to be acquired by Brixmor and Everview Partners for US$13.00 per unit in cash by plan of arrangement, a US$2.3 billion transaction following a competitive auction run by a special committee.

  US$2.3B2 sources

• Sep 28, 2026

  Canadian Pacific Railway Company C$1.8 billion notes (guaranteed by CPKC)

  Joint lead agent and joint active bookrunner · Transportation

  CPKC's railway subsidiary offered C$1.8 billion of Canadian-dollar notes in four tranches maturing 2030 to 2056, mainly to refinance existing debt.

  C$1.8B2 sources

• Sep 28, 2026

  Apotex Health Corp. C$1.25 billion inaugural senior unsecured notes

  Joint bookrunner · Healthcare / Pharmaceuticals

  Apotex priced its first bond deal, C$1.25 billion of senior unsecured notes in three series due 2029, 2031 and 2033, to refinance existing debt.

  C$1.25B2 sources

• Sep 23, 2026

  Royal Bank of Canada C$1.5 billion NVCC subordinated debentures due 2036

  Lead agent · Financial Services

  RBC announced C$1.5 billion of 4.67% NVCC subordinated debentures due 2036 (callable 2031) under its Canadian medium term note program, with its own dealer leading the issue.

  C$1.5B2 sources

• Sep 23, 2026

  Open Text Corporation US$1 billion senior secured notes and tender offer for 3.875% senior notes due 2028

  Dealer manager for the tender offer · Technology

  OpenText refinanced by selling US$1 billion of Rule 144A senior secured notes (6.700% due 2031 and 7.150% due 2033) to redeem its 2027 notes and fund a cash tender offer, later capped at US$300 million, for its 2028 notes. Only the tender offer dealer managers were named.

  US$1B2 sources

• Sep 22, 2026

  Topaz Energy Corp. (bought deal secondary offering of common shares)

  Underwriter · Oil & Gas / Royalties and Infrastructure

  Seller Tourmaline Oil Corp.

  Tourmaline agreed to sell 10 million Topaz common shares at C$28.75 to underwriters on a bought deal basis for about C$287.5 million, cutting its stake from about 12.9% to 6.4%, and said it would redeploy proceeds into share repurchases.

  C$288M2 sources

• Sep 22, 2026

  Royal Bank of Canada

  Lead agent · Banking

  RBC issued $1.1 billion of NVCC Additional Tier 1 Limited Recourse Capital Notes, Series 9, at 6.275% for the first five years.

  C$1.1B1 source

• Sep 15, 2026

  Sagen MI Canada Inc.

  Agent · Insurance

  Mortgage insurer Sagen MI Canada issued $300 million of 4.947% unsecured debentures due 2033 by private placement, largely to refinance its 2.955% debentures due 2027.

  C$300M2 sources

• Sep 15, 2026

  Dream Summit Industrial LP

  Lead agent · Real Estate

  Dream Summit Industrial LP priced a C$300 million private placement of 4.432% Series J senior unsecured debentures due March 2030, to repay debt and fund acquisitions.

  C$300M1 source

• Sep 14, 2026

  Alaris Equity Partners Income Trust (bought deal offering of trust units)

  Syndicate member (underwriter) · Financial Services / Private Capital

  Alaris announced a C$100 million bought deal of trust units at C$22.40 alongside a US$95 million investment in new partner Nexus; with the over-allotment option exercised in full the offering closed at about C$115 million, with proceeds used to repay credit facility debt.

  C$115M2 sources

• Sep 14, 2026

  Primaris Real Estate Investment Trust (bought deal offering of trust units)

  Joint bookrunner · Real Estate / Retail REIT

  Primaris REIT sold Series A trust units at C$20.20 in a C$200 million bought deal to fund future shopping-centre acquisitions; with the over-allotment option exercised in full, 11.4 million units were issued for about C$230 million.

  C$230M2 sources

• Sep 14, 2026

  Choice Properties REIT C$300 million Series Y senior unsecured debentures

  Co-lead agent · Real Estate

  Choice Properties agreed to issue C$300 million of 4.836% Series Y debentures due 2033 on a private placement agency basis to refinance its Series Q debentures maturing in November 2026.

  C$300M1 source

• Sep 9, 2026

  CGI Inc.

  Lead agent · Technology

  CGI priced a C$500 million private placement of senior unsecured notes in two C$250 million series (3.25-year and 4.75-year) to repay debt and for general corporate purposes.

  C$500M1 source

• Sep 9, 2026

  Rogers Communications Inc. US$1 billion and C$600 million fixed-to-fixed rate subordinated notes due 2057

  Co-manager (US notes); co-lead joint bookrunner (Canadian private placement) · Telecommunications

  Rogers priced US$1 billion of hybrid subordinated notes in two series (7.150% and 7.400%, due 2057) in the US and a concurrent C$600 million 6.000% Canadian private placement, using proceeds to redeem or repurchase its 2081 and 2082 subordinated notes.

  Undisclosed4 sources

• Sep 9, 2026

  Fortis Inc. US$1 billion fixed-to-fixed rate junior subordinated notes due 2057

  Underwriter (co-manager) · Utilities

  Fortis priced two US$500 million tranches of hybrid junior subordinated notes (6.625% and 6.875%, both due 2057) to repay maturing debt and for general corporate purposes.

  US$1B1 source

• Sep 8, 2026

  Fairstone Bank of Canada

  Co-manager · Financial Services

  Fairstone Bank closed a $500 million offering of 4.310% three-year senior unsecured deposit notes, upsized from a $400 million minimum after about $1.7 billion of orders.

  C$500M1 source

• Sep 8, 2026

  Headwater Exploration Inc.

  Strategic advisor to Tamarack · Oil & Gas

  Buyer Tamarack Valley Energy Ltd.

  Tamarack Valley and Headwater agreed to merge in an all-stock transaction valued at $10 billion, creating a Clearwater-focused oil producer and spinning out a new exploration company.

  C$10B1 source

• Sep 1, 2026

  Inovatec Systems Corporation

  Exclusive financial advisor to Solifi · Financial Software

  Buyer Solifi

  Solifi acquired Vancouver lending technology provider Inovatec to extend its secured finance platform into retail automotive and specialty finance.

  Undisclosed1 source

• Aug 26, 2026

  Salt Creek Midstream crude oil gathering business

  Financial advisor to Enbridge · Midstream / Pipelines

  Buyer Enbridge Inc. · Seller Salt Creek Midstream

  Enbridge agreed to acquire Salt Creek Midstream's Delaware Basin crude gathering systems for US$600 million in cash.

  US$600M1 source

• Aug 10, 2026

  Moneris Solutions Corporation

  Financial advisor to Moneris' shareholders · Payments

  Buyer Francisco Partners · Seller BMO Financial Group and Royal Bank of Canada

  BMO and RBC agreed to sell their jointly owned payments processor Moneris to Francisco Partners for about $2.0 billion in cash.

  C$2B1 source

• Aug 1, 2026

  FireBird Energy II

  Financial advisor (client side not specified on RBC's listing) · Energy (Permian Basin upstream)

  Buyer Continental Resources

  Continental Resources' acquisition of FireBird Energy II, which grows its Permian Basin position. The value was not disclosed.

  Undisclosed1 source

• Aug 1, 2026

  Sølvtrans

  Sole financial adviser (client side not specified on RBC's listing) · Infrastructure / Aquaculture Services

  Buyer GLIL Infrastructure

  Investment by UK infrastructure investor GLIL in wellboat operator Sølvtrans to fund further growth.

  Undisclosed1 source

• Aug 1, 2026

  Data centre joint venture

  Exclusive financial advisor (client side not specified on RBC's listing) · Digital Infrastructure

  Buyer Morrison and Orange

  Morrison and Orange plan a European data centre joint venture, pitched as strengthening Europe's digital sovereignty.

  Undisclosed1 source

• Aug 1, 2026

  PLUS ES

  Exclusive financial advisor (client side not specified on RBC's listing) · Digital Infrastructure

  Buyer DigitalBridge

  PLUS ES agreed to be acquired by DigitalBridge. Terms were not disclosed.

  Undisclosed1 source

• Jul 1, 2026

  TopBuild

  Financial advisor to Target (TopBuild) · Building Products

  Buyer QXO

  QXO's acquisition of TopBuild for about US$17 billion. RBC lists the deal under July 2026.

  US$17B1 source

• Jul 1, 2026

  Geopura

  Exclusive financial advisor (client side not specified on RBC's listing) · Hydrogen / Clean Energy

  Buyer Ballard

  Ballard's planned £301.1 million acquisition of UK-based Geopura, which Ballard says will make it an integrated hydrogen ecosystem provider. Pending as of RBC's listing.

  £301M1 source

• Jul 1, 2026

  UK hyperscale data center campus

  Financial advisor (client side not specified on RBC's listing) · Digital Infrastructure

  Buyer GLIL Infrastructure (partner)

  Yondr's partnership with GLIL Infrastructure on a UK hyperscale data center campus. Pending as of RBC's listing.

  Undisclosed1 source

• Jun 17, 2026

  KAPS Pipeline (remaining 50% interest)

  Financial advisor to Keyera · Midstream / Pipelines

  Buyer Keyera Corp. · Seller Stonepeak

  Keyera acquired Stonepeak's 50% non-operating interest in the KAPS pipeline for $1.215 billion, signing and closing on the same day.

  C$1.22B1 source

• Jun 11, 2026

  Space Exploration Technologies Corp. (SpaceX)

  Joint Bookrunner · Aerospace & Technology

  Buyer Public equity investors (IPO)

  SpaceX's initial public offering, with about $85.7 billion of gross proceeds per RBC's transaction listing.

  US$85.7B1 source

• Jun 2, 2026

  Highwood Wilson Creek assets

  Lead financial advisor to Highwood · Oil & Gas

  Buyer Obsidian Energy Ltd. · Seller Highwood Asset Management Ltd.

  Highwood agreed to sell its Wilson Creek assets to Obsidian Energy for $105 million in cash plus contingent payments, up to $112 million.

  C$112M1 source

• Jun 1, 2026

  Jiffy Lube

  Financial advisor to Buyer (Monomoy Capital Partners) · Automotive Services

  Buyer Monomoy Capital Partners

  Monomoy Capital Partners agreed to buy Jiffy Lube for about US$1.3 billion. RBC lists the deal under June 2026.

  US$1.3B1 source

• May 14, 2026

  Aireon LLC

  Financial advisor to NAV CANADA · Aerospace / Satellite

  Buyer Iridium Communications Inc. · Seller NAV CANADA, AirNav Ireland, ENAV, NATS and Naviair

  Iridium agreed to buy the remaining 61% of space-based air traffic surveillance operator Aireon for about US$366.7 million; NAV CANADA's stake sells for US$166 million.

  US$367M2 sources

• Apr 27, 2026

  ARC Resources Ltd.

  Exclusive financial advisor to ARC; fairness opinion · Oil & Gas

  Buyer Shell plc

  Shell agreed to acquire Montney producer ARC Resources by plan of arrangement for $32.80 per share in cash and Shell shares, valuing ARC at about $22 billion including assumed net debt.

  C$22B2 sources

• Apr 13, 2026

  SECURE Waste Infrastructure Corp.

  Financial advisor to SECURE; independent fairness opinion to the SECURE board · Environmental Services

  Buyer GFL Environmental Inc.

  GFL Environmental agreed to acquire SECURE Waste Infrastructure for $24.75 per share, an enterprise value of about $6.4 billion, densifying its Western Canadian footprint.

  C$6.4B1 source

• Apr 1, 2026

  Piedmont Natural Gas (Tennessee business)

  Financial advisor to Seller (Duke Energy) · Utilities

  Buyer Spire · Seller Duke Energy

  Duke Energy's sale of its Tennessee Piedmont Natural Gas business to Spire for about US$2.5 billion. RBC lists the deal under April 2026.

  US$2.5B1 source

• Apr 2026

  Lumina Metals Corp.

  Co-lead underwriter and joint bookrunner · Mining

  Lumina Metals closed an upsized TSX initial public offering and secondary offering at $12.50 per share for total gross proceeds of about $406 million.

  C$406M1 source

• Feb 2, 2026

  Foran Mining Corporation

  Independent fairness opinion to the Eldorado special committee · Mining

  Buyer Eldorado Gold Corporation

  Eldorado Gold agreed to combine with Foran Mining in a share transaction implying an equity value for Foran of about C$3.8 billion.

  C$3.8B1 source

• Dec 8, 2025

  Gold Royalty Corp.

  Joint bookrunner · Mining (Royalties)

  US$70.0 million bought-deal financing announced December 8, 2025 and subsequently upsized.

  US$70M2 sources

• Dec 3, 2025

  PC Financial (President's Choice Bank)

  Lead financial advisor to EQB · Banking

  Buyer EQB Inc. · Seller Loblaw Companies Limited

  EQB agreed to acquire PC Financial from Loblaw at 1.15x book value (estimated $800 million) and become exclusive financial partner of PC Optimum; Loblaw expects about $1.3 billion in total value.

  C$800M1 source

• Dec 2025

  Premium Brands Holdings Corporation

  Underwriter (syndicate member) · Food Products

  Premium Brands completed $600 million of public subscription receipt and convertible debenture offerings plus a concurrent private placement; the original launch date is not given in the cited release.

  C$600M1 source

• Nov 19, 2025

  Brookfield Corporation

  Joint bookrunner · Asset Management / Diversified

  Bought-deal issue of 8,000,000 Class A Preference Shares, Series 54 (C$200 million, up to C$250 million with option).

  C$200M1 source

• Nov 17, 2025

  Islander Oil & Gas roadway infrastructure (Seal Lake Road and East Chip Road)

  Financial advisor to CRR · Energy Infrastructure

  Buyer Canadian Resource Roadways (CRR) · Seller Islander Oil & Gas Inc.

  CRR agreed to acquire 53 km of resource roadway serving Islander's Chipmunk heavy oil project in Alberta.

  Undisclosed1 source

• Nov 13, 2025

  ECN Capital Corp.

  Financial advisor to ECN · Specialty Finance

  Buyer Investor group led by Warburg Pincus

  A Warburg Pincus-led group agreed to acquire ECN Capital for C$3.10 per common share in cash, an enterprise value of about C$1.9 billion.

  C$1.9B1 source

• Nov 12, 2025

  Baytex U.S. Eagle Ford assets

  Financial advisor to Baytex · Oil & Gas

  Buyer Undisclosed buyer · Seller Baytex Energy Corp.

  Baytex agreed to sell its U.S. Eagle Ford assets to an undisclosed buyer for US$2.305 billion (about C$3.25 billion) in cash to focus on its Canadian portfolio.

  US$2.31B1 source

• Nov 6, 2025

  Canadian National Railway Company

  Joint bookrunner · Transportation (Rail)

  CN announced a US$700 million public debt offering in two tranches.

  US$700M1 source

• Nov 3, 2025

  New Gold Inc.

  Financial advisor to Coeur · Mining & Metals

  Buyer Coeur Mining, Inc.

  Coeur agreed to acquire New Gold by plan of arrangement in an all-share deal implying an equity value of about $7 billion, creating an all-North American precious metals producer.

  US$7B1 source

• Nov 1, 2025

  Caithness Energy's Freedom and Guernsey power plants

  Financial advisor to Buyer (Talen Energy) · Power

  Buyer Talen Energy · Seller Caithness Energy

  Talen Energy's acquisition of two gas-fired plants, Freedom and Guernsey, from Caithness Energy for about US$3.5 billion. RBC lists the deal under November 2025.

  US$3.5B1 source

• Nov 1, 2025

  MEG Energy

  Financial advisor to Target (MEG Energy) · Energy (Oil Sands)

  Buyer Cenovus Energy

  Cenovus Energy's agreement to acquire MEG Energy for about C$8.8 billion. RBC lists the deal under November 2025.

  C$8.8B1 source

• Oct 30, 2025

  Boyd Group Services Inc.

  Joint active bookrunner · Automotive Services

  Private placement of C$525 million 5.50% senior unsecured notes due 2030 to help fund the Joe Hudson's acquisition.

  C$525M1 source

• Oct 29, 2025

  Joe Hudson's Collision Center

  Exclusive financial advisor to Boyd · Automotive Services

  Buyer Boyd Group Services Inc. · Seller TSG Consumer Partners

  Boyd agreed to buy 258-location collision repair chain Joe Hudson's from TSG Consumer Partners for $1.3 billion, funded with equity, notes and credit facilities.

  US$1.3B1 source

• Oct 28, 2025

  Kiwetinohk Energy Corp.

  Financial advisor to Kiwetinohk · Oil & Gas

  Buyer Cygnet Energy Ltd.

  Private E&P Cygnet, backed by NGP, ARC Financial and Carlyle, agreed to acquire Kiwetinohk for $24.75 per share in cash (enterprise value about $1.4 billion) after a strategy review.

  C$1.4B2 sources

• Oct 23, 2025

  Finastra Canadian student loan servicing business

  Exclusive financial advisor to Finastra · Financial Services (Loan Servicing)

  Buyer Nelnet Canada, Inc. (Nelnet, Inc.) · Seller Finastra (DH Corporation)

  Nelnet agreed to acquire Finastra's Canadian student loan servicing business, which will stay headquartered in Mississauga.

  Undisclosed1 source

• Oct 17, 2025

  STEP Energy Services Ltd.

  Lead financial advisor to ARC · Oilfield Services

  Buyer ARC Energy Fund 8

  ARC Energy Fund 8 reached a definitive arrangement agreement to take STEP private, following a going-private proposal first announced on September 25, 2025.

  Undisclosed1 source

• Oct 8, 2025

  Rockpoint Gas Storage Inc.

  Joint lead bookrunning manager · Energy Infrastructure (Gas Storage)

  Rockpoint priced an upsized IPO of 32 million Class A shares at C$22.00 for gross proceeds of about C$704 million (date is the pricing announcement).

  C$704M1 source

• Oct 1, 2025

  Foundation Building Materials

  Sell-side advisor · Building Products Distribution

  Buyer Lowe's · Seller American Securities and CD&R

  Lowe's agreement to acquire Foundation Building Materials from American Securities and CD&R for about US$8.8 billion. RBC lists the deal under October 2025.

  US$8.8B1 source

• Oct 1, 2025

  Parkland Corporation

  Financial advisor to Buyer (Sunoco LP) · Fuel Distribution & Retail

  Buyer Sunoco LP

  Sunoco LP's acquisition of Calgary-based Parkland Corporation for about C$12.6 billion. RBC lists the deal under October 2025.

  C$12.6B1 source

• Sep 15, 2025

  Keyera Corp.

  Co-lead dealer and joint bookrunner · Midstream Energy

  Keyera agreed to issue $2.3 billion of senior unsecured notes and $500 million of fixed-to-fixed rate subordinated (hybrid) notes by private placement.

  C$2.8B1 source

• Aug 21, 2025

  Canada Goose Holdings Inc.

  Lead arranger and joint bookrunner · Apparel

  Refinancing amendment to Canada Goose's term loan credit agreement dated August 21, 2025.

  Undisclosed1 source

• Aug 15, 2025

  Osisko Development Corp.

  Joint lead manager and joint bookrunner · Mining (Gold)

  Underwritten offering under an underwriting agreement dated August 15, 2025 (date used is the agreement date).

  Undisclosed1 source

• Aug 11, 2025

  Fairfax Financial Holdings Limited

  Joint bookrunner · Insurance

  Fairfax launched a C$700 million offering of senior notes.

  C$700M1 source

• Jul 27, 2025

  First National Financial Corporation

  Financial advisor to the company; led strategic review · Financial Services (Mortgage Lending)

  Buyer Birch Hill Equity Partners and Brookfield (Regal Bidco Inc.)

  Birch Hill and Brookfield agreed to acquire First National at an implied equity value of about $2.9 billion, with founders Stephen Smith and Moray Tawse rolling part of their stakes.

  C$2.9B1 source

• Jul 24, 2025

  GO Residential Real Estate Investment Trust

  Underwriter (syndicate member) · Real Estate (Multifamily REIT)

  GO Residential REIT filed its final prospectus and completed a US$410 million IPO of trust units at US$15.00 (date is the final prospectus announcement).

  US$410M2 sources

• Jun 17, 2025

  Plains' Canadian NGL business

  Lead financial advisor to Keyera; lead left arranger and lead left bookrunner, acquisition credit facilities · Energy - Midstream

  Buyer Keyera Corp. · Seller Plains All American

  Keyera agreed to acquire Plains' Canadian natural gas liquids business for $5.15 billion, partly funded by a $1.8 billion bought-deal offering of subscription receipts.

  C$5.15B2 sources

• Jun 16, 2025

  Lime Ridge Mall (Hamilton, Ontario)

  Joint bookrunner, concurrent bought-deal secondary offering of REIT units · Real Estate - Retail

  Buyer Primaris Real Estate Investment Trust · Seller Entity managed by Cadillac Fairview

  Primaris agreed to buy Lime Ridge Mall for $416.0 million in cash and units, with a concurrent bought-deal secondary offering of units by an affiliate of the vendor.

  C$416M1 source

• Jun 13, 2025

  Adriatic Metals plc

  Joint financial advisor to Adriatic · Mining - Precious & Base Metals

  Buyer Dundee Precious Metals Inc.

  Dundee Precious Metals proposed to acquire Adriatic Metals, owner of the Vareš mine in Bosnia and Herzegovina, valuing its share capital at about US$1.3 billion in cash and DPM shares.

  US$1.3B1 source

• Jun 3, 2025

  Pet Valu Holdings Ltd. (secondary offering)

  Underwriter, secondary bought deal · Consumer - Specialty Retail

  Roark Capital-affiliated selling shareholders agreed to sell about 20.0 million Pet Valu shares at C$28.85 in a C$576 million secondary bought deal.

  C$576M1 source

• May 27, 2025

  Canadian operations of Travelers (personal and most commercial insurance business of Travelers Canada)

  Financial advisor to Definity · Insurance - P&C

  Buyer Definity Financial Corporation · Seller The Travelers Companies, Inc.

  Definity agreed to acquire Travelers' Canadian personal and most commercial insurance operations for $3.3 billion (US$2.4 billion), with a concurrent bought-deal private placement of common shares.

  C$3.3B2 sources

• May 27, 2025

  7.5% gross margin royalty on the Côté Gold Mine

  Financial advisor to the seller · Mining - Royalties & Streams

  Buyer Franco-Nevada Corporation · Seller Private third party

  Franco-Nevada agreed to buy an existing royalty package on the Côté Gold Mine in Ontario from a private seller for US$1,050 million in cash.

  US$1.05B1 source

• May 14, 2025

  Strathcona Resources' Grande Prairie Montney asset

  Strategic advisor to Strathcona on the Grande Prairie sale · Energy - Oil & Gas E&P

  Seller Strathcona Resources Ltd.

  Strathcona agreed to sell its Grande Prairie asset for about $850 million in total value; the buyer was not named in the release.

  C$850M1 source

• May 14, 2025

  Strathcona Resources' Groundbirch Montney asset

  Financial advisor on the Groundbirch sale · Energy - Oil & Gas E&P

  Buyer Tourmaline Oil Corp. · Seller Strathcona Resources Ltd.

  Strathcona agreed to sell its Groundbirch asset to Tourmaline for $291.5 million in Tourmaline common shares.

  C$292M1 source

• Apr 21, 2025

  Lumina Gold Corp.

  Fairness opinion to the Lumina board · Mining - Gold

  Buyer CMOC Group Limited

  CMOC agreed to acquire Lumina Gold, an Ecuador-focused gold developer, for C$1.27 per share in cash, about C$581 million.

  C$581M1 source

• Mar 13, 2025

  AtkinsRéalis' remaining 6.76% interest in 407 ETR

  Financial advisor to AtkinsRéalis · Infrastructure - Toll Roads

  Buyer Ferrovial and CPP Investments · Seller AtkinsRéalis Group Inc.

  AtkinsRéalis agreed to sell its remaining 6.76% stake in the 407 ETR toll highway to Ferrovial and CPP Investments for gross proceeds of up to about $2.79 billion.

  C$2.79B1 source

• Feb 19, 2025

  Obsidian Energy's operated Pembina Cardium assets

  Exclusive financial advisor to Obsidian · Energy - Oil & Gas E&P

  Buyer InPlay Oil Corp. · Seller Obsidian Energy Ltd.

  Obsidian agreed to sell its operated Pembina Cardium assets to InPlay for $320 million in cash, InPlay shares and a unit interest (about $309 million before adjustments per InPlay), funded partly by a bought-deal subscription receipt offering and new credit facilities.

  C$320M2 sources

• Feb 4, 2025

  Livingston International

  Joint bookrunner and co-lead arranger, acquisition financing · Transportation & Logistics

  Buyer Purolator · Seller Platinum Equity

  Purolator acquired customs broker Livingston International from Platinum Equity, with a bank-financed acquisition facility.

  Undisclosed1 source

• Dec 23, 2024

  Westbrick Energy Ltd.

  Joint financial advisor to Westbrick · Oil & Gas (E&P)

  Buyer Vermilion Energy Inc.

  Vermilion agreed to acquire privately held Deep Basin producer Westbrick Energy for total consideration of C$1.075 billion via plan of arrangement, adding about 50,000 boe/d.

  C$1.07B1 source

• Dec 9, 2024

  Freehold Royalties Ltd.

  Co-lead underwriter (bought deal) · Oil & Gas (royalties)

  Freehold agreed to buy Midland Basin mineral and royalty interests for about C$216 million and launched a C$125.1 million bought deal, upsized to C$150 million on Dec. 10, 2024, to help fund it.

  C$150M2 sources

• Nov 25, 2024

  CI Financial Corp.

  Financial advisor to CI · Asset & Wealth Management

  Buyer Mubadala Capital

  Mubadala Capital agreed to take CI Financial private for C$32.00 per share in cash, an equity value of about C$4.7 billion and enterprise value of about C$12.1 billion.

  C$4.7B1 source

• Nov 14, 2024

  Paramount Resources Ltd. (Karr and Wapiti Montney assets)

  Strategic advisor to Paramount · Oil & Gas (E&P)

  Buyer Ovintiv Inc. · Seller Paramount Resources Ltd.

  Paramount Resources agreed to sell its Karr and Wapiti Montney assets in Alberta to Ovintiv for about C$3.325 billion in cash (US$2.377 billion).

  C$3.33B2 sources

• Oct 25, 2024

  Whitecap Resources Inc.

  Agent · Oil & Gas (E&P)

  Whitecap priced an inaugural C$400 million offering of 4.382% investment-grade senior unsecured notes due 2029.

  C$400M1 source

• Sep 12, 2024

  Doman Building Materials Group Ltd.

  Joint bookrunner · Building materials distribution

  Doman priced C$265 million of 7.50% senior unsecured notes due 2029 through an underwritten offering.

  C$265M1 source

• Sep 8, 2024

  OCI Global international methanol business

  Financial advisor to Methanex; fairness opinion to the board · Chemicals

  Buyer Methanex Corporation · Seller OCI Global

  Methanex agreed to acquire OCI Global's international methanol business, including plants in Texas and the Netherlands, for about US$2.05 billion.

  US$2.05B1 source

• Aug 12, 2024

  Osisko Mining Inc.

  Exclusive financial advisor to Gold Fields · Mining (gold)

  Buyer Gold Fields Limited

  Gold Fields agreed to acquire Osisko Mining for C$4.90 per share in cash (about C$2.16 billion fully diluted), consolidating full ownership of the Windfall project.

  C$2.16B2 sources

• Aug 12, 2024

  POWER Engineers, Inc.

  Joint bookrunner of concurrent public offering · Engineering & Consulting

  Buyer WSP Global Inc.

  WSP agreed to acquire U.S. power and energy consultancy POWER Engineers for US$1.78 billion, financed partly through a bought deal public offering, private placements with CDPQ and others, and committed credit facilities.

  US$1.78B1 source

• Aug 8, 2024

  TELUS Corporation

  Lead agent · Telecommunications

  TELUS priced C$700 million of 7-year senior unsecured notes through an agency syndicate.

  C$700M1 source

• Jul 22, 2024

  A&W Revenue Royalties Income Fund

  Financial advisor to the Fund; fairness opinion to the trustees · Restaurants (QSR)

  Buyer A&W Food Services of Canada Inc.

  A&W Revenue Royalties Income Fund and A&W Food Services of Canada agreed to a strategic combination creating a TSX-listed QSR franchisor in which TorQuest-managed funds would hold about 19.4%.

  Undisclosed1 source

• Jul 15, 2024

  Stelco Holdings Inc.

  Financial advisor to the special committee; fairness opinion to the board · Steel

  Buyer Cleveland-Cliffs Inc.

  Cleveland-Cliffs agreed to acquire Stelco for C$60.00 in cash plus 0.454 Cliffs shares per Stelco share (C$70 per share), a total enterprise value of about C$3.4 billion (US$2.5 billion).

  C$3.4B1 source

• Jun 20, 2024

  Ownership interests in 10 Quebec retirement residences (incl. GMA Portfolio)

  Co-lead underwriter, $300 million bought deal of trust units · Seniors Housing / Real Estate

  Buyer Chartwell Retirement Residences

  Chartwell agreed to acquire two Quebec retirement portfolios for a combined $511 million and launched a $300 million bought deal of trust units to help fund them.

  C$511M1 source

• Jun 19, 2024

  Veren Inc.

  Joint lead agent and joint bookrunner · Oil & Gas

  Veren priced CDN$1.0 billion of investment-grade senior unsecured notes in five- and ten-year tranches to repay its bank term loan.

  C$1B1 source

• Jun 17, 2024

  iA Financial Corporation Inc.

  Co-lead agent · Insurance

  iA Financial announced a $350 million offering of 6.921% Limited Recourse Capital Notes Series 2024-1.

  C$350M1 source

• Jun 13, 2024

  Sagicor Financial Company Ltd.

  Co-lead agent · Insurance

  Sagicor priced a C$250 million Canadian private placement of 6.359% senior unsecured notes due 2029.

  C$250M1 source

• Jun 11, 2024

  Northwestel Inc.

  Financial advisor to Bell · Telecommunications

  Buyer Sixty North Unity (consortium of Indigenous communities) · Seller BCE Inc. (Bell Canada)

  Sixty North Unity, Northwestel and Bell announced that the Indigenous consortium intends to acquire Northwestel from Bell for up to $1 billion in cash, making it fully Indigenous-owned.

  C$1B1 source

• May 31, 2024

  Sprott Physical Copper Trust

  Underwriter · Asset Management / Commodities

  Sprott filed the final prospectus for the IPO of Sprott Physical Copper Trust: 10 million units at US$10.00 for US$100 million.

  US$100M1 source

• May 21, 2024

  Hudbay Minerals Inc.

  Joint bookrunner · Mining (Copper)

  Hudbay launched a US$300 million bought deal of common shares at US$9.50, upsized the next day to US$350 million.

  US$350M2 sources

• May 21, 2024

  IAMGOLD Corporation

  Bookrunner · Mining (Gold)

  IAMGOLD agreed a US$300 million bought deal of 72 million shares at US$4.17 to fund the repurchase of a 9.7% interest in the Côté Gold mine from Sumitomo Metal Mining.

  US$300M1 source

• May 14, 2024

  CES Energy Solutions Corp.

  Co-lead manager · Oilfield Services

  CES agreed to sell $200 million of 6.875% senior unsecured notes due 2029 by private placement.

  C$200M1 source

• May 8, 2024

  Pet Valu Holdings Ltd.

  Co-lead underwriter · Retail

  Seller Roark Capital-affiliated funds (PV Holdings S.à r.l. and others)

  Roark Capital-affiliated shareholders agreed a C$175 million secondary bought deal of 5.9 million Pet Valu shares at C$29.65.

  C$175M1 source

• Apr 23, 2024

  Greenstone Gold Mine GP Inc. (Orion 40% interest)

  Financial advisor to Orion · Mining (Gold)

  Buyer Equinox Gold Corp. · Seller Orion Mine Finance funds

  Equinox agreed to buy Orion's 40% interest in the Greenstone mine for US$995 million in cash and shares, funded partly by a new US$500 million term loan and a bought deal equity offering.

  US$995M1 source

• Apr 22, 2024

  Reunion Gold Corporation

  Financial advisor to GMIN and its board; fairness opinion · Mining (Gold)

  Buyer G Mining Ventures Corp.

  G Mining and Reunion Gold agreed to combine by plan of arrangement, with GMIN acquiring the Oko West project in Guyana; the deal implied about $0.65 per Reunion share and an equity value of about $875 million, plus a SpinCo of Reunion's other assets.

  C$875M1 source

• Apr 1, 2024

  Nuvei Corporation

  Financial advisor to Advent · Fintech / Payments

  Buyer Advent International (with rollover by Philip Fayer, Novacap and CDPQ)

  Advent agreed to take Nuvei private at US$34.00 per share in cash, a 56% premium to the unaffected price, with founder Philip Fayer, Novacap and CDPQ rolling over equity.

  Undisclosed1 source

• Feb 28, 2024

  GFL Environmental Inc.

  Underwriter (U.S. and Canada) · Environmental Services

  Seller BCEC GFL Borrower (Cayman) LP, Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital and HPS-affiliated entities

  GFL announced a secondary offering of 17,000,000 subordinate voting shares by selling shareholders, with no proceeds to GFL.

  Undisclosed1 source

• Feb 27, 2024

  First Capital Real Estate Investment Trust

  Co-lead agent · Real Estate (Retail)

  First Capital agreed to issue C$300 million of 5.572% Series B senior unsecured debentures due 2031.

  C$300M1 source

• Feb 21, 2024

  Enerplus Corporation

  Financial advisor to Enerplus · Oil & Gas

  Buyer Chord Energy Corporation

  Chord and Enerplus agreed to combine through a plan of arrangement in a stock-and-cash transaction described as approximately US$11 billion (combined enterprise value), with Enerplus shareholders owning about 33% of the Williston-focused combined company.

  US$11B1 source

• Feb 21, 2024

  First Quantum Minerals Ltd.

  Joint bookrunner · Mining (Copper)

  First Quantum agreed a bought deal of 121.68 million shares at C$11.10 for about C$1,351 million (about US$1.0 billion) as part of a broader refinancing.

  C$1.35B1 source

• Feb 20, 2024

  H&R Real Estate Investment Trust

  Agent (syndicate member) · Real Estate

  H&R REIT agreed to sell $250 million of Series T senior unsecured debentures on a private placement best-efforts agency basis.

  C$250M1 source

• Feb 12, 2024

  TMX Group Limited

  Agent (syndicate member) · Exchanges / Financial Services

  TMX priced a $1.1 billion Canadian private placement of senior unsecured debentures in three series (2029, 2032 and a longer series).

  C$1.1B1 source

• Feb 6, 2024

  Dream Summit Industrial LP

  Lead agent · Real Estate (Industrial)

  Dream Summit Industrial priced a C$250 million private placement of 5.111% Series E senior unsecured debentures due 2029.

  C$250M1 source

• Feb 5, 2024

  NOVA Chemicals Corporation

  Lead bookrunner; co-dealer manager of the tender offer · Chemicals

  NOVA Chemicals priced a private offering of $650 million of 9% senior unsecured notes due 2030 to refinance its 2024 notes, alongside a tender offer.

  US$650M1 source

• Feb 1, 2024

  Capstone Copper Corp.

  Lead bookrunner · Mining (Copper)

  Seller Orion Mine Finance funds (secondary portion)

  Capstone and selling shareholder Orion agreed a combined treasury and secondary bought deal of 59.52 million shares at C$6.30 for about C$375 million.

  C$375M1 source

• Jan 22, 2024

  BRP Inc.

  Sole underwriter, bought deal secondary offering · Powersports / Consumer

  Seller Bain Capital Integral Investors II, L.P.

  Bain Capital agreed to sell 2,000,000 BRP subordinate voting shares at C$91.00 in a bought deal secondary offering (about C$182 million).

  C$182M1 source

• Jan 19, 2024

  Tricon Residential Inc.

  Financial advisor to Tricon · Real Estate

  Buyer Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust (BREIT)

  Blackstone agreed to acquire all Tricon common shares it did not already own for US$11.25 per share in cash by plan of arrangement, a roughly US$3.5 billion equity transaction value; BREIT kept its ~11% stake.

  US$3.5B1 source

• Jan 15, 2024

  Neighbourly Pharmacy Inc.

  Financial advisor to PCP · Healthcare / Pharmacy

  Buyer Persistence Capital Partners (T.I.D. Acquisition Corp.)

  Controlling shareholder Persistence Capital Partners agreed to take Neighbourly private for $18.50 per share in cash plus a contingent value right, by plan of arrangement, after negotiating with an independent transaction committee.

  Undisclosed1 source

• Nov 6, 2023

  Hammerhead Energy Inc.

  Financial advisor to Crescent Point; verbal opinion to the board · Oil & Gas

  Buyer Crescent Point Energy Corp.

  Crescent Point agreed to acquire Alberta Montney producer Hammerhead Energy by plan of arrangement for total consideration of about $2.55 billion including debt.

  C$2.55B3 sources

• Oct 31, 2023

  Imperial Oil Limited ($1.5 billion substantial issuer bid)

  Financial advisor and dealer manager for the issuer bid · Oil & Gas

  Imperial Oil launched a substantial issuer bid to repurchase up to $1.5 billion of its common shares.

  C$1.5B1 source

• Sep 21, 2023

  Alimentation Couche-Tard Inc. (C$800 million 5.592% Series 7 senior unsecured notes due 2030)

  Joint bookrunner · Retail / Convenience

  Couche-Tard priced a C$800 million private placement of 5.592% senior unsecured notes due 2030 to repay debt and for general purposes.

  C$800M1 source

• Sep 5, 2023

  East Ohio Gas, Questar Gas and Public Service Company of North Carolina (Dominion Energy gas utilities)

  Co-lead financial advisor to Enbridge · Utilities

  Buyer Enbridge Inc. · Seller Dominion Energy, Inc.

  Enbridge agreed to buy three U.S. natural gas utilities from Dominion Energy for an aggregate US$14.0 billion including assumed debt, creating the largest gas utility platform in North America.

  US$14B1 source

• Aug 1, 2023

  Pipestone Energy Corp.

  Co-lead arranger and joint bookrunner, expanded credit facility · Oil & Gas

  Buyer Strathcona Resources Ltd.

  Strathcona agreed to acquire Pipestone in an all-share transaction that created a public company with an initial enterprise value of about C$11.5 billion.

  Undisclosed1 source

• Jul 27, 2023

  TC Energy liquids pipelines business (later South Bow)

  Financial advisor to TC Energy · Midstream

  Seller TC Energy Corporation

  TC Energy announced a plan to separate its liquids pipelines business into a new independent publicly listed company.

  Undisclosed1 source

• Jul 26, 2023

  Dialogue Health Technologies Inc.

  Financial advisor to Sun Life · Healthcare / Digital Health

  Buyer Sun Life Financial Inc.

  Sun Life agreed to acquire virtual health platform Dialogue for $5.15 per share, a total equity value of $365 million on a fully diluted basis.

  C$365M1 source

• Jul 11, 2023

  TransAlta Renewables Inc. (shares not owned by TransAlta)

  Financial advisor to TransAlta; fairness opinion to the TransAlta board · Power & Renewables

  Buyer TransAlta Corporation

  TransAlta agreed to acquire the publicly held shares of its subsidiary TransAlta Renewables for cash and shares valued at about $1.38 billion, simplifying its structure.

  C$1.38B1 source

• Jun 14, 2023

  South Texas Gateway Terminal LLC

  Joint bookrunner, $350 million subscription receipt bought deal · Midstream

  Buyer Gibson Energy Inc. · Seller Buckeye Partners, L.P. and co-owners

  Gibson Energy agreed to acquire the South Texas Gateway crude oil export terminal for US$1.1 billion, with a concurrent $350 million bought deal of subscription receipts.

  US$1.1B1 source

• May 11, 2023

  Seabridge Gold Inc. (KSM project 1.2% NSR royalty)

  Financial advisor to Seabridge · Mining

  Buyer Sprott Resource Streaming and Royalty Corp.

  Seabridge agreed to sell a 1.2% net smelter royalty on its KSM project to Sprott funds for US$150 million to help reach 'substantially started' status.

  US$150M1 source

• Mar 28, 2023

  Spartan Delta Corp.'s Montney assets

  Financial advisor to Crescent Point; verbal opinion to the board · Oil & Gas

  Buyer Crescent Point Energy Corp. · Seller Spartan Delta Corp.

  Crescent Point agreed to acquire Spartan Delta's oil and liquids-rich Alberta Montney assets for $1.7 billion in cash.

  C$1.7B1 source

• Mar 24, 2023

  Western Copper and Gold Corporation

  Financial advisor to Western Copper and Gold · Mining

  Buyer Mitsubishi Materials Corporation (strategic investment)

  Mitsubishi Materials agreed to make a C$21.3 million strategic equity investment in Western Copper and Gold, with Rio Tinto entitled to participate under its participation right.

  C$21.3M1 source

• Mar 16, 2023

  TotalEnergies retail assets in Germany, the Netherlands, Belgium and Luxembourg

  Co-lead arranger and joint bookrunner, new term loan · Retail / Convenience

  Buyer Alimentation Couche-Tard Inc. · Seller TotalEnergies SE

  Couche-Tard made a firm offer to acquire TotalEnergies retail networks in Germany, the Netherlands, Belgium and Luxembourg for about EUR 3.1 billion, financed partly with a new term loan.

  €3.1B1 source

• Feb 28, 2023

  Ranger Oil Corporation

  Financial advisor to Baytex · Oil & Gas

  Buyer Baytex Energy Corp.

  Baytex agreed to acquire Eagle Ford producer Ranger Oil for total consideration of about US$2.5 billion (C$3.4 billion) including assumed net debt.

  US$2.5B1 source

• Feb 27, 2023

  Uni-Select Inc.

  Financial advisor to the special committee; fairness opinion · Automotive Distribution

  Buyer LKQ Corporation

  LKQ agreed to acquire Uni-Select for C$48.00 per share in cash, a total enterprise value of about C$2.8 billion, by plan of arrangement.

  C$2.8B1 source

• Jan 23, 2023

  Ritchie Bros. Auctioneers Incorporated

  Financial advisor to Ritchie Bros. · Industrial Services / Marketplaces

  Buyer Starboard Value (investor)

  Ritchie Bros. announced a US$500 million strategic investment from Starboard Value alongside amended terms for its pending acquisition of IAA.

  US$500M1 source

• Nov 29, 2022

  HSBC Bank Canada

  Lead and primary financial advisor to RBC · Financial Services

  Buyer Royal Bank of Canada · Seller HSBC Holdings plc

  RBC agreed to acquire 100% of HSBC Canada's common shares for an all-cash price of $13.5 billion.

  C$13.5B1 source

• Nov 7, 2022

  IAA, Inc.

  Financial advisor to Ritchie Bros. · Industrials / Marketplaces

  Buyer Ritchie Bros. Auctioneers Incorporated

  Ritchie Bros. agreed to acquire salvage-vehicle marketplace IAA in a stock-and-cash deal valued at about US$7.3 billion.

  US$7.3B1 source

• Oct 11, 2022

  Westinghouse Electric Company

  Financial advisor to the sellers in the strategic process · Power & Utilities (Nuclear)

  Buyer Brookfield Renewable Partners (51%) and Cameco Corporation (49%) · Seller Brookfield Business Partners and institutional partners

  Cameco and Brookfield Renewable formed a partnership to buy Westinghouse from Brookfield Business Partners at a total enterprise value of US$7.875 billion. BBU's independent committee obtained a formal valuation because the sale was a related-party transaction.

  US$7.88B3 sources

• Sep 12, 2022

  Deltastream Energy Corporation

  Exclusive financial advisor to Tamarack; joint bookrunner on notes, credit facility and term loan · Oil & Gas

  Buyer Tamarack Valley Energy Ltd.

  Tamarack agreed to buy private Clearwater oil producer Deltastream for $1.425 billion of cash, deferred payment and shares, funded partly by new term debt and sustainability-linked notes.

  C$1.43B1 source

• Sep 5, 2022

  Turquoise Hill Resources Ltd.

  Financial advisor to Rio Tinto · Mining (Copper)

  Buyer Rio Tinto plc

  Rio Tinto agreed to acquire the roughly 49% of Turquoise Hill it did not own for C$43.00 per share in cash, following an unsolicited proposal earlier in 2022. The special committee obtained an MI 61-101 formal valuation.

  Undisclosed1 source

• Aug 25, 2022

  Micro Focus International plc

  Lead arranger on acquisition financing · Technology

  Buyer Open Text Corporation

  OpenText agreed to acquire UK software company Micro Focus for 532 pence per share in cash, an enterprise value of about US$6.0 billion, backed by committed financing.

  US$6B1 source

• Jun 28, 2022

  XTO Energy Canada (Montney and Duvernay assets)

  Exclusive financial advisor to the sellers · Oil & Gas

  Buyer Whitecap Resources Inc. · Seller Imperial Oil Limited and ExxonMobil Canada

  Imperial and ExxonMobil Canada sold jointly owned XTO Energy Canada to Whitecap for $1.9 billion in cash, completing a marketing process launched in January 2022.

  C$1.9B1 source

• May 9, 2022

  Points.com Inc.

  Exclusive financial advisor to Points; fairness opinion · Technology (Loyalty)

  Buyer Plusgrade Parent L.P. (backed by Novacap and CDPQ)

  Plusgrade agreed to acquire Points for US$25.00 per share in cash, valuing Points at about US$385 million on an equity basis.

  US$385M1 source

• Mar 1, 2022

  Pembina/KKR western Canadian gas processing joint venture (Newco)

  Financial advisor to Pembina; joint bookrunner on Newco credit facilities · Energy Midstream

  Buyer Pembina Pipeline Corporation and KKR global infrastructure funds

  Pembina and KKR combined their western Canadian natural gas processing assets, including Veresen Midstream and Energy Transfer Canada, into a 60/40 joint venture with an ascribed value of $11.4 billion.

  C$11.4B1 source

• Jan 24, 2022

  Exterran Corporation

  Exclusive financial advisor to Enerflex; fairness opinion to the board · Energy Services

  Buyer Enerflex Ltd.

  Enerflex agreed to combine with Houston-based Exterran in an all-share deal, with a transaction value for Exterran of about US$735 million.

  US$735M1 source

• Jan 13, 2022

  Pitarrilla project (Mexico)

  Exclusive financial advisor to SSR Mining · Mining (Silver)

  Buyer Endeavour Silver Corp. · Seller SSR Mining Inc.

  SSR Mining agreed to sell the Pitarrilla silver project to Endeavour Silver for up to US$127 million in cash, shares and a royalty.

  US$127M2 sources

• Nov 29, 2021

  Amarillo Gold Corporation

  Financial advisor, sole sponsor and corporate broker to Hochschild · Mining (Gold)

  Buyer Hochschild Mining plc

  Hochschild agreed to acquire Amarillo, owner of the Posse gold project in Brazil, for about C$164.5 million, with Amarillo's Lavras assets spun out to shareholders.

  C$165M1 source

• Nov 17, 2021

  Definity Financial Corporation

  Global coordinator and joint bookrunner; private placement agent · Insurance (Property & Casualty)

  Definity priced its demutualization IPO of 63.6 million common shares at $22, together with cornerstone private placements, for about $2.1 billion in total.

  C$2.1B1 source

• Nov 17, 2021

  Coveo Solutions Inc.

  Joint bookrunner · Technology (Software)

  Coveo priced its TSX initial public offering of 14.34 million subordinate voting shares at C$15.00, raising C$215.1 million.

  C$215M1 source

• Nov 8, 2021

  Pretium Resources Inc.

  Financial advisor to Newcrest · Mining (Gold)

  Buyer Newcrest Mining Limited

  Newcrest agreed to acquire Pretivm for C$18.50 per share in cash and shares, a total equity value of about C$3.5 billion, adding the Brucejack mine in British Columbia.

  C$3.5B1 source

• Nov 3, 2021

  D2L Inc.

  Underwriter (syndicate member) · Technology (Education Software)

  D2L completed its TSX initial public offering of 8.825 million subordinate voting shares at $17.00 for gross proceeds of about $150 million.

  C$150M1 source

• Oct 24, 2021

  Cominar Real Estate Investment Trust

  Financial advisor to Mach · Real Estate (Diversified REIT)

  Buyer Iris Acquisition II LP (consortium led by Canderel)

  A Canderel-led consortium agreed to acquire Cominar for $11.75 per unit in cash (about $5.7 billion), with Mach Capital buying about $1.5 billion of properties as part of the deal, ending Cominar's strategic review.

  C$5.7B1 source

• Oct 12, 2021

  Vantage Elevator Solutions (majority stake)

  Financial advisor to Ontario Teachers' · Industrials (Elevator Components)

  Buyer Ontario Teachers' Pension Plan Board · Seller Golden Gate Capital

  Ontario Teachers' agreed to acquire a majority stake in Vantage Elevator Solutions from Golden Gate Capital, which kept a significant minority stake.

  Undisclosed1 source

• Sep 14, 2021

  exactEarth Ltd.

  Financial advisor to Spire · Technology (Satellite Data)

  Buyer Spire Global, Inc.

  Spire Global agreed to acquire satellite maritime-data company exactEarth for about US$161.2 million (C$204.2 million) in cash and stock.

  US$161M1 source

• Aug 9, 2021

  American National Group, Inc.

  Financial advisor to Brookfield Reinsurance; debt financing · Insurance

  Buyer Brookfield Asset Management Reinsurance Partners Ltd.

  Brookfield Reinsurance agreed to acquire American National for US$190 per share in an all-cash deal valued at about US$5.1 billion.

  US$5.1B1 source

• Jun 7, 2021

  Noverco Inc. (38.9% interest)

  Financial advisor to Enbridge · Energy Infrastructure (Gas Distribution)

  Buyer Trencap L.P. · Seller Enbridge Inc.

  Enbridge agreed to sell its 38.9% non-operating interest in Noverco to Trencap for $1.14 billion in cash.

  C$1.14B1 source

• Jun 7, 2021

  Ecwid, Inc.

  Advisor to Lightspeed on the Ecwid transaction · Technology (Commerce Software)

  Buyer Lightspeed POS Inc.

  Lightspeed agreed to acquire e-commerce platform Ecwid for about $500 million in cash and shares, announced alongside its acquisition of NuORDER.

  US$500M1 source

• May 31, 2021

  INV Metals Inc.

  Financial advisor to DPM · Mining (Gold)

  Buyer Dundee Precious Metals Inc.

  Dundee Precious Metals agreed to acquire the INV Metals shares it did not own in an all-share deal at an implied C$0.80 per share (equity value about C$132 million), adding the Loma Larga project in Ecuador.

  C$132M1 source

• May 27, 2021

  Softchoice Corporation

  Underwriter (syndicate member) · Technology (IT Services)

  Softchoice priced its initial public offering of 17.5 million common shares at C$20.00 for gross proceeds of C$350 million.

  C$350M1 source

• May 20, 2021

  dentalcorp Holdings Ltd.

  Passive bookrunner · Health Care (Dental Services)

  dentalcorp priced its IPO of 50 million subordinate voting shares at $14.00 (about $700 million), with concurrent private placements bringing gross proceeds to about $950 million.

  C$700M1 source

• May 18, 2021

  Neighbourly Pharmacy Inc.

  Co-lead underwriter · Health Care (Pharmacy)

  Neighbourly priced its IPO of 10.3 million common shares at $17.00 for gross proceeds of about $175 million, upsized from $150 million.

  C$175M1 source

• Apr 27, 2021

  Magnet Forensics Inc.

  Underwriter (syndicate member) · Technology (Digital Forensics Software)

  Magnet Forensics priced its TSX IPO of 5.89 million subordinate voting shares at C$17.00 for gross proceeds of about C$100.1 million.

  C$100M1 source

• Apr 20, 2021

  Kansas City Southern

  Financial advisor to CN (also committed financing) · Transportation & Rail

  Buyer Canadian National Railway Company

  CN made an unsolicited cash-and-stock proposal for KCS at US$325 per share, valuing KCS at an enterprise value of US$33.7 billion, backed by financing commitments from its advisors. KCS ultimately returned to CP's revised offer in September 2021.

  US$33.7B2 sources

• Mar 25, 2021

  US$390 million grocery-anchored portfolio

  Co-lead underwriter of the subscription receipt offering · Real Estate (Retail REIT)

  Buyer Slate Grocery REIT

  Slate Grocery REIT agreed to acquire a US$390 million grocery-anchored portfolio and launched a subscription receipt offering of about C$133 million to fund it.

  US$390M1 source

• Mar 23, 2021

  Dialogue Health Technologies Inc.

  Joint bookrunner · Health Care (Virtual Care)

  Dialogue priced its IPO of 8.33 million common shares at $12.00 for treasury proceeds of about $100 million.

  C$100M1 source

• Mar 1, 2021

  L3Harris Technologies Military Training business

  Advisor to CAE on the private placements · Aerospace & Defence

  Buyer CAE Inc. · Seller L3Harris Technologies

  CAE agreed to acquire L3Harris' Military Training business for US$1.05 billion, funded in part by private placements of subscription receipts.

  US$1.05B1 source

• Feb 10, 2021

  Seven Generations Energy Ltd.

  Exclusive financial advisor and fairness opinion to ARC · Oil & Gas (Exploration & Production)

  Buyer ARC Resources Ltd.

  ARC and Seven Generations agreed to an all-share combination valued at about $8.1 billion including net debt, creating the largest Montney producer.

  C$8.1B1 source

• Feb 2, 2021

  TELUS International (Cda) Inc.

  Underwriter (syndicate member) · Technology (Digital Customer Experience)

  TELUS International priced its NYSE/TSX initial public offering of 37 million subordinate voting shares (treasury and secondary) at US$25.00, totalling US$925 million.

  US$925M1 source

• Jan 25, 2021

  UPS Freight

  Financial advisor to TFI · Transportation & Logistics

  Buyer TFI International Inc. · Seller United Parcel Service

  TFI International agreed to acquire LTL carrier UPS Freight from UPS in a transaction with an enterprise value of about US$800 million.

  US$800M1 source

• Jan 14, 2021

  Atlantic Power Corporation

  Financial advisor and financing arranger to I Squared Capital · Power Generation

  Buyer I Squared Capital

  I Squared Capital agreed to acquire Atlantic Power for US$3.03 per share in cash, a total enterprise value of about US$961 million including preferred shares and notes of its subsidiaries.

  US$961M1 source

• Dec 16, 2020

  Premier Gold Mines Limited

  Financial advisor and independent fairness opinion to the special committee · Mining (Gold)

  Buyer Equinox Gold Corp.

  Equinox Gold agreed to acquire Premier Gold Mines by plan of arrangement, with Premier's US assets spun out to shareholders as i-80 Gold.

  Undisclosed1 source

• Dec 8, 2020

  TORC Oil & Gas Ltd.

  Exclusive financial advisor to TORC; fairness opinion to the TORC board · Oil & Gas

  Buyer Whitecap Resources Inc.

  Whitecap and TORC agreed an at-market, all-stock business combination valued at about $900 million including TORC's net debt.

  C$900M1 source

• Dec 1, 2020

  Upserve Inc.

  Financial advisor to Lightspeed · Technology

  Buyer Lightspeed POS Inc. · Seller Vista Equity Partners (portfolio company)

  Lightspeed acquired Rhode Island restaurant-software company Upserve for estimated total consideration of about $430 million in cash and shares.

  US$430M1 source

• Nov 19, 2020

  Norbord Inc.

  Fairness opinion to the Norbord board · Forest Products

  Buyer West Fraser Timber Co. Ltd.

  West Fraser agreed to acquire Norbord in an all-share plan of arrangement valued at about C$4.0 billion (US$3.1 billion), creating a diversified global wood products company.

  C$4B1 source

• Nov 5, 2020

  ShopKeep Inc.

  Advisor to Lightspeed · Technology

  Buyer Lightspeed POS Inc.

  Lightspeed agreed to acquire New York cloud commerce provider ShopKeep for estimated consideration of about $440 million in cash and subordinate voting shares.

  US$440M2 sources

• Oct 25, 2020

  Husky Energy Inc.

  Financial advisor to Cenovus; fairness opinion to the Cenovus board · Oil & Gas

  Buyer Cenovus Energy Inc.

  Cenovus agreed to combine with Husky in an all-stock plan of arrangement implying an enterprise value for Husky of about $10.2 billion, creating an integrated oil and gas company.

  C$10.2B1 source

• Sep 17, 2020

  Nuvei Corporation

  Joint active bookrunner · Fintech / Payments

  Nuvei priced its TSX initial public offering of 26.9 million subordinate voting shares at US$26 (about US$700 million); with a concurrent private placement, total proceeds at closing were US$833 million.

  US$700M2 sources

• Sep 9, 2020

  Lightspeed POS Inc.

  Joint bookrunner · Technology

  Lightspeed priced its US initial public offering and NYSE listing at US$30.50 per share, raising US$305 million for the company plus a secondary sale by CDPQ.

  US$305M3 sources

• Aug 11, 2020

  Boralex Inc.

  Co-lead underwriter · Power & Renewables

  Boralex agreed a $175 million bought deal public offering of common shares at $33.10 per share.

  C$175M1 source

• Aug 10, 2020

  Painted Pony Energy Ltd.

  Co-lead financial advisor to Painted Pony · Oil & Gas

  Buyer Canadian Natural Resources Limited

  Canadian Natural agreed to acquire Painted Pony for $0.69 per share in cash by plan of arrangement.

  Undisclosed1 source

• Jul 28, 2020

  Two real estate assets of Wittington Properties Limited

  Independent financial advice on purchase price to Choice Properties · Real Estate

  Buyer Choice Properties Real Estate Investment Trust · Seller Wittington Properties Limited

  Choice Properties REIT agreed to buy two properties from related party Wittington Properties for about $206 million, paid in Choice trust units.

  C$206M1 source

• Jul 2020

  StorageVault Canada Inc.

  Underwriter · Real Estate / Self Storage

  StorageVault closed a $75 million bought deal offering of 5.75% senior unsecured hybrid debentures.

  C$75M1 source

• Jun 12, 2020

  Guyana Goldfields Inc.

  Financial advisor to Guyana Goldfields; fairness opinion to the board · Mining (Gold)

  Buyer Zijin Mining Group Co., Ltd.

  Zijin Mining agreed to acquire Guyana Goldfields for C$1.85 per share in cash (about C$323 million) by plan of arrangement, displacing an earlier agreement with Silvercorp.

  C$323M2 sources

• May 26, 2020

  Torstar Corporation

  Financial advisor to NordStar · Media

  Buyer NordStar Capital LP

  NordStar Capital, owned by the Bitove and Rivett families, agreed to take Torstar private for $0.63 per share in cash, later raised to $0.74 per share.

  Undisclosed3 sources

• May 4, 2020

  Marathon Gold Corporation

  Co-lead underwriter · Mining (Gold)

  Marathon Gold agreed a C$26 million bought deal public offering of units at C$1.50 per unit, later upsized to C$30 million.

  C$26.1M1 source

• Mar 30, 2020

  Alio Gold Inc.

  Fairness opinion to the Alio board · Mining (Gold)

  Buyer Argonaut Gold Inc.

  Argonaut Gold agreed to acquire Alio Gold in an at-market, all-share merger by plan of arrangement at 0.67 Argonaut shares per Alio share; completed in July 2020.

  Undisclosed2 sources

• Feb 25, 2020

  GFL Environmental Inc.

  Joint lead book-running manager · Environmental Services

  GFL Environmental priced its initial public offering of subordinate voting shares at US$19.00 together with a concurrent tangible equity unit offering, about US$2.2 billion in total.

  US$2.2B1 source

• Feb 20, 2020

  Northview Apartment Real Estate Investment Trust

  Advisor to KingSett · Real Estate

  Buyer Starlight Investments and KingSett Capital

  Starlight and KingSett agreed to acquire Northview Apartment REIT for $36.25 per unit in a transaction valued at about $4.8 billion; completed in November 2020 at about $4.9 billion including net debt.

  C$4.8B2 sources

• Feb 10, 2020

  Great Canadian Gaming Corporation

  Joint bookrunner · Gaming & Leisure

  Great Canadian announced a $180 million bought deal of 5.25% senior unsecured debentures due 2026 alongside a substantial issuer bid for up to $500 million of its shares.

  C$180M1 source

• Feb 6, 2020

  Innergex Renewable Energy Inc.

  Financial advisor to Hydro-Québec · Power & Renewables

  Buyer Hydro-Québec

  Hydro-Québec agreed to a $661 million private placement in Innergex as part of a strategic alliance to co-invest in renewable energy projects.

  C$661M1 source

• Dec 26, 2019

  65% equity interest in the Coastal GasLink Pipeline Project

  Exclusive financial advisor to the seller; global lead coordinating arranger on the project finance construction facility · Energy (Midstream)

  Buyer KKR and Alberta Investment Management Corporation · Seller TC Energy Corporation

  TC Energy agreed to sell a 65% equity interest in the Coastal GasLink pipeline project as part of a partial monetization alongside project financing.

  Undisclosed1 source

• Dec 13, 2019

  Power Financial Corporation (minority shares)

  Financial advisor, independent valuator and fairness opinion to the special committee · Financial Services (Holding Company)

  Buyer Power Corporation of Canada

  Power Corporation announced a reorganization to acquire the Power Financial shares it did not own, exchanging each for 1.05 Power Corporation subordinate voting shares plus $0.01.

  Undisclosed1 source

• Dec 10, 2019

  Massawa Gold Project (90% interest)

  Independent fairness opinion to the board · Mining (Gold)

  Buyer Teranga Gold Corporation · Seller Barrick Gold Corporation and CSTTAO

  Teranga agreed to acquire a 90% interest in the Massawa gold project from Barrick and its partner for US$380 million upfront plus contingent payments, alongside a C$140 million bought deal.

  US$380M1 source

• Nov 25, 2019

  Detour Gold Corporation

  Financial advisor to the acquirer; fairness opinion to the board · Mining (Gold)

  Buyer Kirkland Lake Gold Ltd.

  Kirkland Lake Gold agreed to acquire Detour Gold in an all-share deal implying C$27.50 per share and an equity value of about C$4.9 billion.

  C$4.9B2 sources

• Nov 25, 2019

  Fortis Inc.

  Co-lead underwriter and bookrunner · Power & Utilities

  Fortis announced a C$1.1 billion common share offering: a C$600 million bought deal plus a concurrent C$500 million placement with an institutional investor.

  C$1.1B2 sources

• Jul 31, 2019

  Sundial Growers Inc.

  Joint book-running manager · Cannabis

  Sundial priced its upsized U.S. IPO of 11,000,000 common shares at US$13.00 per share.

  Undisclosed1 source

• Jul 30, 2019

  Ontario natural gas-fired plants of TC Energy

  Financial advisor to the acquirer · Power & Utilities

  Buyer Ontario Power Generation · Seller TC Energy Corporation

  An OPG subsidiary agreed to buy a portfolio of combined-cycle natural gas plants in Ontario from TC Energy affiliates for $2.87 billion.

  C$2.87B1 source

• Jun 11, 2019

  Fairfax Financial Holdings Limited (4.23% Senior Notes due 2029)

  Joint bookrunner · Insurance

  Fairfax issued C$500 million of 4.23% senior notes due 2029.

  C$500M1 source

• Jun 11, 2019

  BRP Inc. (substantial issuer bid)

  Financial advisor and dealer manager · Consumer Products (Powersports)

  BRP set the terms of a substantial issuer bid to repurchase up to $300 million of its subordinate voting shares.

  C$300M1 source

• May 14, 2019

  Corus Entertainment Inc. Class B shares (secondary offering)

  Underwriter · Media & Telecom

  Seller Shaw Communications Inc.

  Shaw sold its 80.6 million Corus Class B shares through a secondary offering for gross proceeds of about $548 million.

  C$548M2 sources

• May 13, 2019

  WestJet Airlines Ltd.

  Additional financial advisor and financing to the acquirer · Airlines

  Buyer Onex Corporation

  Onex and its affiliated funds agreed to acquire WestJet for $31.00 per share in cash, a transaction value of about $5 billion including assumed debt.

  C$5B1 source

• Apr 29, 2019

  Goreway Power Station Holdings Inc.

  Co-lead underwriter, subscription receipt offering · Power & Utilities

  Buyer Capital Power Corporation · Seller JERA Co. Inc. and Toyota Tsusho Corporation

  Capital Power agreed to acquire the 875 MW Goreway gas plant for $387 million in cash plus $590 million of assumed project debt, partly funded by a $130 million bought deal of subscription receipts.

  C$387M1 source

• Mar 13, 2019

  Newstrike Brands Ltd.

  Exclusive financial advisor to the target; fairness opinion · Cannabis

  Buyer HEXO Corp.

  HEXO agreed to acquire Newstrike Brands in an all-share deal valued at about $263 million.

  C$263M1 source

• Jan 28, 2019

  51% interest in the Waneta Expansion hydroelectric project

  Exclusive financial advisor to the seller · Power & Utilities

  Buyer Columbia Power Corporation and Columbia Basin Trust · Seller Fortis Inc.

  Fortis agreed to sell its 51% interest in the Waneta Expansion hydro project to Columbia Power and Columbia Basin Trust for about $1 billion.

  C$1B1 source

• Nov 13, 2018

  Johnson Controls Power Solutions business

  Financial advisor to Brookfield; financing syndicate · Industrials

  Buyer Brookfield Business Partners and institutional partners, with CDPQ · Seller Johnson Controls International plc

  Brookfield Business Partners with institutional partners and CDPQ agreed to buy Johnson Controls' Power Solutions automotive battery business, funded with about $3 billion of equity and $10.2 billion of debt.

  Undisclosed2 sources

• Oct 5, 2018

  Trinidad Drilling Ltd.

  Financial advisor to Precision; fairness opinion to its board · Energy Services

  Buyer Precision Drilling Corporation

  Precision Drilling agreed to acquire Trinidad Drilling in an all-share arrangement valued at about $1.03 billion including debt; Trinidad was ultimately acquired by Ensign Energy after a competing bid.

  C$1.03B2 sources

• Jul 31, 2018

  Forest City Realty Trust, Inc.

  Financial advisor to Brookfield; financing syndicate · Real Estate

  Buyer Brookfield Asset Management (real estate fund)

  A Brookfield real estate fund agreed to acquire Forest City for $25.35 per share in cash in an $11.4 billion transaction.

  US$11.4B1 source

• Jul 16, 2018

  Gold and palladium stream on Stillwater mines

  Financial advisor to Wheaton · Mining / Streaming

  Buyer Wheaton Precious Metals Corp. · Seller Sibanye-Stillwater

  Wheaton Precious Metals agreed to pay US$500 million upfront for a gold and palladium stream on Sibanye-Stillwater's Stillwater mines in Montana.

  US$500M1 source

• May 30, 2018

  NGL Energy Partners retail propane business

  Financial advisor to NGL · Energy Distribution

  Buyer Superior Plus Corp. · Seller NGL Energy Partners LP

  Superior Plus agreed to acquire NGL Energy Partners' retail propane business for about US$900 million, financed partly by a C$400 million bought-deal subscription receipt offering.

  US$900M2 sources

• Mar 26, 2018

  GGP Inc.

  Lead lender in financing syndicate · Real Estate

  Buyer Brookfield Property Partners L.P.

  Brookfield Property Partners agreed to acquire the GGP shares it did not already own for cash (aggregate cash of $9.25 billion) or BPY units/new BPY U.S. REIT shares.

  Undisclosed1 source

• Mar 19, 2018

  Rye Patch Gold Corp.

  Financial advisor to Alio Gold · Mining

  Buyer Alio Gold Inc.

  Alio Gold agreed to acquire Rye Patch Gold by plan of arrangement at 0.48 Alio shares per Rye Patch share, valuing Rye Patch equity at about C$128 million.

  C$128M1 source

• Jan 29, 2018

  Kennady Diamonds Inc.

  Fairness opinion to the special committee · Mining

  Buyer Mountain Province Diamonds Inc.

  Mountain Province agreed to acquire Kennady Diamonds in an all-share plan of arrangement implying an equity value of about C$176 million.

  C$176M1 source

• Jan 9, 2018

  Pure Industrial Real Estate Trust

  Financial advisor to Blackstone · Real Estate

  Buyer Blackstone Property Partners

  Blackstone Property Partners agreed to acquire industrial REIT PIRET for $8.10 per unit in cash by plan of arrangement, a transaction valued at about $3.8 billion.

  C$3.8B1 source

• Nov 2, 2017

  Canadian Real Estate Investment Trust

  Financial advisor to CREIT; fairness opinion · Real Estate

  Buyer Choice Properties Real Estate Investment Trust

  Choice Properties agreed to acquire CREIT for cash and units in a $6.0 billion transaction, creating Canada's largest REIT.

  C$6B1 source

• Sep 29, 2017

  Polaris Materials Corporation

  Financial advisor to U.S. Concrete · Construction Materials

  Buyer U.S. Concrete, Inc.

  U.S. Concrete agreed to acquire Polaris Materials for an aggregate fully diluted equity value of about C$309 million after Polaris terminated an earlier arrangement agreement with Vulcan Materials.

  C$309M1 source

• Aug 3, 2017

  Numerex Corp.

  Financial advisor to Sierra Wireless · Technology (IoT)

  Buyer Sierra Wireless, Inc.

  Sierra Wireless agreed to acquire Atlanta-based IoT provider Numerex in an all-stock merger with an equity value of about US$107 million.

  US$107M1 source

• May 15, 2017

  Spin Master Corp.

  Co-lead underwriter · Consumer Products (Toys)

  Seller Spin Master founders and 1-R32 Foundation

  Spin Master's founders and a related foundation sold about C$150 million of subordinate voting shares at C$40.75 each in a bought-deal secondary offering.

  C$150M1 source

• May 11, 2017

  Merus Labs International Inc.

  Financial advisor to Norgine · Healthcare (Pharmaceuticals)

  Buyer Norgine B.V.

  Norgine agreed to acquire Merus Labs for $1.65 per share in cash, an enterprise value of about $342 million including debt.

  C$342M1 source

• May 8, 2017

  Hydro One Limited

  Co-lead underwriter · Utilities

  Seller Province of Ontario

  The Province of Ontario sold 120 million Hydro One common shares in a $2.79 billion bought-deal secondary offering.

  C$2.79B1 source

• Apr 19, 2017

  Loblaw gas station business

  Financial advisor to Loblaw · Retail (Fuel)

  Buyer Brookfield Business Partners L.P. · Seller Loblaw Companies Limited

  Loblaw agreed to sell its gas station business to Brookfield Business Partners for about C$540 million, with stations to be rebranded Mobil.

  C$540M1 source

• Mar 29, 2017

  ConocoPhillips' 50% interest in FCCL Partnership and Western Canada Deep Basin assets

  Lead financial advisor to Cenovus · Energy (Oil & Gas)

  Buyer Cenovus Energy Inc. · Seller ConocoPhillips

  Cenovus agreed to buy ConocoPhillips' half of the FCCL oil sands partnership and Western Canadian Deep Basin assets for $17.7 billion in cash and shares.

  C$17.7B1 source

• Mar 29, 2017

  Cenovus Energy Inc.

  Joint bookrunner and co-lead underwriter · Energy (Oil & Gas)

  Cenovus sold 187.5 million common shares at $16.00 in a $3.0 billion bought deal to fund part of the ConocoPhillips asset purchase.

  C$3B1 source

• Mar 13, 2017

  DH Corporation (D+H)

  Financial advisor to D+H; fairness opinion · Financial Technology

  Buyer Vista Equity Partners

  Vista Equity Partners agreed to acquire D+H for $25.50 per share in cash, an enterprise value of about $4.8 billion, and combine it with Misys.

  C$4.8B1 source

• Nov 17, 2016

  ARC Resources Saskatchewan assets

  Exclusive financial advisor to ARC · Oil & Gas

  Buyer Spartan Energy Corp. · Seller ARC Resources Ltd.

  ARC Resources agreed to sell all of its Saskatchewan assets and operations to Spartan Energy for $700 million in cash.

  C$700M1 source

• Nov 1, 2016

  TransCanada Corporation

  Co-lead underwriter · Energy Infrastructure

  TransCanada agreed a bought-deal offering of 54.75 million common shares at $58.50 for gross proceeds of about $3.2 billion, plus an over-allotment option.

  C$3.2B1 source

• Sep 12, 2016

  Potash Corporation of Saskatchewan Inc.

  Financial advisor to PotashCorp · Agriculture & Fertilizers

  Buyer Agrium Inc.

  Agrium and PotashCorp agreed to a merger of equals by plan of arrangement, creating the largest crop nutrient company in the world (later named Nutrien).

  Undisclosed1 source

• Sep 6, 2016

  Spectra Energy Corp

  Financial advisor and fairness opinion to the Enbridge board · Energy Infrastructure

  Buyer Enbridge Inc.

  Enbridge agreed to combine with Houston-based Spectra Energy in a stock-for-stock merger that valued Spectra common stock at about C$37 billion (US$28 billion).

  C$37B1 source

• May 26, 2016

  SMART Technologies Inc.

  Financial advisor to SMART · Technology

  Buyer Foxconn Technology Group (Hon Hai)

  SMART Technologies agreed to be acquired by Foxconn by plan of arrangement following a public strategic review.

  Undisclosed2 sources

• Mar 30, 2016

  MWH Global, Inc.

  Joint bookrunner on the subscription receipt offering · Engineering & Professional Services

  Buyer Stantec Inc.

  Stantec agreed to acquire water-infrastructure engineering firm MWH Global, funded partly by a $525 million bought-deal subscription receipt offering and new CIBC-led credit facilities.

  Undisclosed1 source

• Mar 21, 2016

  Penn West Slave Point and non-core assets

  Exclusive financial advisor to Penn West · Oil & Gas

  Seller Penn West Petroleum Ltd.

  Penn West agreed to sell its Slave Point assets and other non-core properties for cash proceeds of about $230 million.

  C$230M1 source

• Feb 3, 2016

  RONA inc.

  Financial advisor to Lowe's · Retail

  Buyer Lowe's Companies, Inc.

  Lowe's agreed to acquire Quebec home-improvement retailer RONA for C$24 per common share in cash, a total transaction value of C$3.2 billion (US$2.3 billion).

  C$3.2B2 sources

• Oct 5, 2015

  Canadian Oil Sands Limited

  Financial advisor to COS and fairness opinion to the COS board · Oil & Gas

  Buyer Suncor Energy Inc.

  Suncor launched an unsolicited share-exchange offer for Canadian Oil Sands in October 2015; in January 2016 the COS board supported an amended offer of 0.28 Suncor share per COS share, a total transaction value of about $6.6 billion including debt.

  C$6.6B2 sources

• Oct 2015

  Hydro One Limited

  Underwriter · Utilities

  Seller Province of Ontario

  The Province of Ontario sold common shares of Hydro One Limited in an initial public offering on the TSX underwritten by a 16-dealer syndicate.

  Undisclosed2 sources

• Sep 15, 2015

  Penn West Mitsue properties

  Exclusive financial advisor to Penn West · Oil & Gas

  Seller Penn West Petroleum Ltd.

  Penn West agreed to sell its Mitsue properties in Alberta for $192.5 million.

  C$193M1 source

• Jun 19, 2015

  Enbridge Canadian Liquids Pipelines Business

  Financial advisor to Enbridge · Energy Infrastructure

  Buyer Enbridge Income Fund · Seller Enbridge Inc.

  Enbridge agreed to transfer its Canadian Liquids Pipelines business to its sponsored vehicle Enbridge Income Fund for consideration valued at $30.4 billion, subject to a vote of Enbridge Income Fund Holdings public shareholders.

  C$30.4B1 source

• Jan 22, 2015

  City National Corporation

  Financial advisor to RBC · Financial Services

  Buyer Royal Bank of Canada

  RBC agreed to acquire Los Angeles-based City National, a U.S. private and commercial bank, for about US$5.4 billion in cash and RBC shares.

  US$5.4B2 sources

• Aug 26, 2014

  Portfolio of 15 retail and office properties in Quebec and Ontario

  Real estate advisor to Cominar · Real Estate

  Buyer Cominar Real Estate Investment Trust · Seller Ivanhoé Cambridge Inc.

  Cominar agreed to buy a 15-property portfolio from Ivanhoé Cambridge for $1.527 billion (up to $1.63 billion with third-party interests), funded partly by a $250 million bought-deal unit offering.

  C$1.53B1 source

• Aug 26, 2014

  Tim Hortons Inc.

  Financial advisor to Tim Hortons; fairness opinion to its board · Restaurants / Consumer

  Buyer Burger King Worldwide, Inc. (via a new Canadian-based holding company)

  Burger King and Tim Hortons agreed to combine under a new Canadian-based holding company, creating the world's third-largest quick-service restaurant company with about $23 billion in system sales.

  Undisclosed1 source

• Jun 2, 2014

  Transport America, Inc.

  Exclusive financial advisor to TransForce · Transportation & Logistics

  Buyer TransForce Inc.

  TransForce agreed to acquire U.S. truckload carrier Transport America at a total enterprise value of about US$310 million including about US$150 million of debt.

  US$310M1 source

• Mar 15, 2014

  TransGlobe Energy Corporation

  Financial advisor to Caracal; fairness opinion to its board · Oil & Gas

  Buyer Caracal Energy Inc.

  Caracal Energy and TransGlobe Energy agreed to merge in an all-share plan of arrangement to create a large Africa-focused independent oil producer.

  Undisclosed1 source

• Feb 12, 2014

  Canada Bread Company, Limited

  Financial advisor to Maple Leaf Foods; fairness opinion to its board · Food & Consumer

  Buyer Grupo Bimbo, S.A.B. de C.V. · Seller Maple Leaf Foods Inc.

  Grupo Bimbo agreed to acquire Canada Bread for $1.83 billion ($72.00 per share) by arrangement, ending Maple Leaf Foods' strategic review of its bakery business.

  C$1.83B1 source

• Feb 6, 2014

  Aurora Oil & Gas Limited

  Co-lead underwriter / co-bookrunner of the concurrent $1.3 billion subscription receipt financing · Oil & Gas

  Buyer Baytex Energy Corp.

  Baytex agreed to acquire Eagle Ford-focused Aurora Oil & Gas for about $2.6 billion by Australian scheme of arrangement, funded partly by a $1.3 billion bought-deal subscription receipt offering.

  C$2.6B2 sources

• Nov 19, 2013

  Patheon Inc.

  Financial advisor to the independent committee; fairness opinion · Healthcare / Contract Manufacturing

  Buyer JLL/Delta Patheon Holdings, L.P. (JLL Partners and Royal DSM)

  Patheon agreed to be taken private at US$9.32 per share in cash by a JLL Partners/DSM vehicle, implying an equity value of about US$1.4 billion; an independent committee oversaw the process.

  US$1.4B1 source

• Oct 10, 2013

  CT Real Estate Investment Trust

  Joint bookrunner · Real Estate

  Seller Canadian Tire Corporation, Limited

  Canadian Tire's CT REIT priced its $263.5 million initial public offering of trust units, with a portfolio of 256 properties.

  C$264M1 source

• Jul 29, 2013

  Saks Incorporated

  Additional financial advisor to HBC · Retail

  Buyer Hudson's Bay Company

  Hudson's Bay Company agreed to acquire Saks for US$16 per share in cash, about US$2.9 billion including debt.

  US$2.9B1 source

• Jul 15, 2013

  Shoppers Drug Mart Corporation

  Financial advisor to Shoppers Drug Mart; fairness opinion to its board · Retail / Consumer

  Buyer Loblaw Companies Limited

  Loblaw agreed to acquire Shoppers Drug Mart for $12.4 billion in cash and Loblaw shares by plan of arrangement, combining Canada's largest grocer and largest pharmacy chain.

  C$12.4B1 source

• Dec 16, 2012

  Inmet Mining Corporation

  Financial advisor to First Quantum · Mining

  Buyer First Quantum Minerals Ltd.

  First Quantum announced its intention to make a cash-and-share offer for Inmet valuing it at about C$5.1 billion.

  C$5.1B1 source

• Dec 13, 2012

  Encana Corporation (49.9% interest in Duvernay lands)

  Financial advisor to Encana · Oil & Gas

  Buyer Phoenix Duvernay Gas (PetroChina) · Seller Encana Corporation

  PetroChina's subsidiary Phoenix agreed to acquire a 49.9% interest in Encana's Duvernay acreage for C$2.18 billion, including a C$1.0 billion carry.

  C$2.18B1 source

• Oct 23, 2012

  Ally Financial Canadian auto finance and deposit business (Ally Canada)

  Financial advisor to Royal Bank of Canada · Banking

  Buyer Royal Bank of Canada · Seller Ally Financial Inc.

  RBC agreed to acquire Ally Canada for a $1.4 billion investment net of excess capital, total consideration of $3.1 to $3.8 billion.

  Undisclosed1 source

• Sep 24, 2012

  LML Payment Systems Inc.

  Financial advisor to Digital River · Technology

  Buyer Digital River, Inc.

  Digital River agreed to acquire payments company LML Payment Systems for US$3.45 per share in cash, about US$102.8 million.

  US$103M1 source

• Jul 23, 2012

  Nexen Inc.

  Financial advisor to Nexen; fairness opinion · Oil & Gas

  Buyer CNOOC Limited

  CNOOC agreed to acquire Nexen for US$27.50 per common share in cash, total cash consideration of about US$15.1 billion for its common and preferred shares.

  US$15.1B1 source

• Jun 4, 2012

  Q9 Networks Inc.

  Financial advisor to the investor group · Technology

  Buyer BCE Inc. with Ontario Teachers' Pension Plan, Providence Equity Partners and Madison Dearborn Partners

  An investor group of Teachers', Providence and Madison Dearborn, with Bell, agreed to acquire data centre operator Q9 Networks for C$1.1 billion.

  C$1.1B1 source

• Apr 3, 2012

  RBC Dexia Investor Services (50% held by Dexia)

  Financial advisor to Royal Bank of Canada · Financial Services

  Buyer Royal Bank of Canada · Seller Dexia Group

  Royal Bank of Canada agreed to buy Dexia's 50% stake in their RBC Dexia Investor Services joint venture for EUR 837.5 million (C$1.1 billion) in cash.

  C$1.1B1 source

• Mar 20, 2012

  Viterra Inc.

  Financial advisor to Glencore · Agriculture

  Buyer Glencore International plc

  Glencore agreed to acquire Viterra for C$16.25 per share in cash (about C$6.1 billion), with parts of Viterra resold to Agrium and Richardson International.

  C$6.1B1 source

• Mar 16, 2012

  Astral Media Inc.

  Exclusive financial advisor to Astral · Telecom & Media

  Buyer BCE Inc. (Bell)

  Bell agreed to acquire Astral Media, Quebec's leading pay TV, radio and out-of-home media company, in a $3.38 billion transaction.

  C$3.38B2 sources

• Feb 17, 2012

  Encana Corporation (40% interest in Cutbank Ridge undeveloped lands partnership)

  Financial advisor to Encana · Oil & Gas

  Buyer Mitsubishi Corporation · Seller Encana Corporation

  Mitsubishi agreed to invest C$2.9 billion for a 40% interest in a partnership developing Encana's Cutbank Ridge lands.

  C$2.9B1 source

• Sep 22, 2011

  Minera Andes Inc.

  Independent financial advisor to the special committee of Minera Andes · Mining

  Buyer US Gold Corporation

  US Gold and Minera Andes signed an arrangement agreement to combine as McEwen Mining; both had special committees with independent advisors.

  Undisclosed1 source

• Jul 11, 2011

  Augen Gold Corp.

  Financial advisor to Trelawney · Mining

  Buyer Trelawney Mining and Exploration Inc.

  Trelawney announced a share-exchange take-over bid for Augen Gold at an implied $0.32 per share.

  Undisclosed1 source

• Jun 20, 2011

  RBC Bank (USA)

  Financial advisor to Royal Bank of Canada · Banking

  Buyer The PNC Financial Services Group, Inc. · Seller Royal Bank of Canada

  Royal Bank of Canada agreed to sell its U.S. regional retail banking operations and related credit card assets to PNC for about US$3.62 billion.

  US$3.62B1 source

• Apr 25, 2011

  Equinox Minerals Limited

  Financial advisor to Barrick · Mining

  Buyer Barrick Gold Corporation

  Barrick agreed to acquire Equinox through a supported all-cash take-over offer of C$8.15 per share, displacing Equinox's bid for Lundin.

  Undisclosed2 sources

• Feb 9, 2011

  Encana Corporation (50% interest in Cutbank Ridge business assets)

  Financial advisor to Encana · Oil & Gas

  Buyer PetroChina International Investment Company Limited · Seller Encana Corporation

  Encana agreed to sell PetroChina a 50% interest in its Cutbank Ridge natural gas assets for C$5.4 billion to form a 50/50 joint venture.

  C$5.4B1 source

• Feb 3, 2011

  Fronteer Gold Inc.

  Financial advisor to Fronteer and its board; fairness opinion · Mining

  Buyer Newmont Mining Corporation

  Newmont agreed to acquire Fronteer Gold for cash, valuing Fronteer at about C$2.3 billion, with Fronteer's exploration assets spun out into Pilot Gold.

  C$2.3B1 source

• Jan 17, 2011

  Petrolifera Petroleum Limited

  Financial advisor to Petrolifera (fairness opinion to its board) · Oil & Gas

  Buyer Gran Tierra Energy Inc.

  Gran Tierra agreed to acquire Petrolifera, a South America-focused explorer, by plan of arrangement; the arrangement agreement discloses RBC as the target's financial advisor.

  Undisclosed1 source

• Jan 10, 2011

  Norsemont Mining Inc.

  Financial advisor to HudBay · Mining

  Buyer HudBay Minerals Inc.

  HudBay agreed to acquire Norsemont, owner of the Constancia copper project in Peru, through a supported take-over bid valuing Norsemont's equity at about $520 million.

  C$520M2 sources

• Dec 22, 2010

  Sonde Resources' interest in Block 5(c), Trinidad and Tobago

  Financial advisor to Sonde; fairness opinion · Energy

  Buyer Niko Resources Ltd. · Seller Sonde Resources Corp.

  Niko Resources agreed to buy Sonde's interest in offshore Block 5(c) for an aggregate US$87.54 million.

  US$87.5M1 source

• Aug 17, 2010

  Potash Corporation of Saskatchewan Inc.

  Financial advisor to the PotashCorp board · Agriculture / Fertilizers

  Buyer BHP Billiton

  BHP Billiton launched an unsolicited US$130 per share cash offer for PotashCorp, which the PotashCorp board unanimously recommended shareholders reject.

  Undisclosed2 sources

• Jul 15, 2010

  Terrane Metals Corp.

  Sole financial advisor to Thompson Creek; fairness opinion · Mining

  Buyer Thompson Creek Metals Company Inc.

  Thompson Creek agreed to acquire Terrane Metals, owner of the Mt. Milligan project, for consideration of about C$650 million; Goldcorp supported the deal as controlling holder.

  C$650M2 sources

• Feb 19, 2010

  MDS Inc.

  Financial advisor and dealer manager · Life Sciences

  MDS launched a substantial issuer bid to buy back up to US$450 million of its common shares.

  US$450M1 source

• Dec 8, 2009

  Centerra Gold Inc. (Cameco's 48.5% stake)

  Co-lead underwriter and exclusive financial adviser to Cameco · Mining

  Seller Cameco Corporation

  Cameco sold its Centerra Gold shares through a bought-deal secondary offering expected to raise about C$872 million in net proceeds.

  C$872M1 source

• Sep 10, 2009

  EnCana Corporation (Cenovus Energy spin-off)

  Financial advisor to EnCana · Energy

  EnCana proceeded with its plan to split into two independent companies, spinning off its integrated oil business as Cenovus Energy.

  Undisclosed1 source

• Sep 2, 2009

  MDS Analytical Technologies

  Financial advisor to MDS · Life Sciences

  Buyer Danaher Corporation · Seller MDS Inc.

  MDS agreed to sell its Analytical Technologies business to Danaher for US$650 million in cash after a strategic review.

  US$650M1 source

• Aug 19, 2009

  Marcellus shale interests of Chief Oil & Gas and Tug Hill

  Financial advisor to Enerplus · Energy

  Buyer Enerplus Resources Fund · Seller Chief Oil & Gas LLC; Tug Hill

  Enerplus agreed to acquire Marcellus shale interests from Chief and Tug Hill for US$406 million.

  US$406M1 source

• Mar 23, 2009

  Petro-Canada

  Financial advisor to Petro-Canada · Energy

  Buyer Suncor Energy Inc.

  Suncor and Petro-Canada agreed to merge by plan of arrangement, creating Canada's largest energy company.

  Undisclosed1 source

• Feb 25, 2009

  CF Industries Holdings, Inc.

  Financial advisor to Agrium · Agriculture / Fertilizers

  Buyer Agrium Inc.

  Agrium made an unsolicited cash-and-stock proposal, later an exchange offer, to acquire U.S. fertilizer producer CF Industries.

  Undisclosed1 source

• Feb 23, 2009

  NOVA Chemicals Corporation

  Financial advisor to NOVA Chemicals · Chemicals

  Buyer International Petroleum Investment Company (IPIC)

  Abu Dhabi's IPIC agreed to acquire NOVA Chemicals for US$6.00 per share in cash, a deal valued at about US$2.3 billion including net debt.

  US$2.3B1 source

• Jan 26, 2009

  PDX Resources Inc.

  Financial advisor to PDX · Mining

  Buyer Detour Gold Corporation

  Detour Gold agreed to amalgamate with its largest shareholder PDX Resources, issuing 0.2571 Detour shares per PDX share.

  Undisclosed1 source

• Dec 22, 2008

  Aurora Energy Resources Inc.

  Financial advisor to Fronteer · Uranium

  Buyer Fronteer Development Group Inc.

  Fronteer proposed to acquire the Aurora Energy Resources shares it did not already own.

  Undisclosed1 source

• Dec 15, 2008

  Gold Reserve Inc.

  Financial advisor to Gold Reserve; inadequacy opinion · Metals & Mining

  Buyer Rusoro Mining Ltd. (unsolicited offer)

  Rusoro launched an unsolicited share-exchange bid for Gold Reserve; Gold Reserve's board recommended rejection, citing inadequacy opinions.

  Undisclosed2 sources

• Aug 25, 2008

  Grey Wolf, Inc.

  Financial advisor to Precision · Oilfield Services

  Buyer Precision Drilling Trust

  Precision agreed to acquire Grey Wolf for US$5.00 cash plus 0.1883 Precision units per share (US$1.12 billion cash and 42.0 million units in aggregate).

  Undisclosed1 source

• Jul 29, 2008

  Fording Canadian Coal Trust (assets)

  Financial advisor to the independent committees · Metals & Mining

  Buyer Teck Cominco Limited · Seller Fording Canadian Coal Trust

  Fording agreed to sell all of its assets to Teck Cominco, with unitholders to receive about C$14.1 billion.

  C$14.1B1 source

• Jun 2008

  Hostopia.com Inc.

  Financial advisor to Hostopia; fairness opinion · Internet Services

  Buyer Deluxe Corporation

  Deluxe agreed to acquire Hostopia; about US$124 million was needed to fund merger consideration and option payments.

  US$124M1 source

• May 11, 2008

  EnCana Corporation

  Financial advisor to EnCana · Oil & Gas

  EnCana announced a plan to split into two Calgary-based companies, an integrated oil company and a natural gas company.

  Undisclosed1 source

• Dec 13, 2007

  Canadian Natural Resources Limited

  Co-lead and sole bookrunner · Oil & Gas

  Canadian Natural priced C$400 million of three-year notes.

  C$400M1 source

• Dec 2007

  Focus Energy Trust

  Exclusive financial advisor to Enerplus · Oil & Gas

  Buyer Enerplus Resources Fund

  Enerplus and Focus Energy Trust signed a combination agreement dated December 2, 2007 for Enerplus to acquire Focus.

  Undisclosed1 source

• Oct 31, 2007

  Canetic Resources Trust

  Strategic advisor to Penn West · Oil & Gas

  Buyer Penn West Energy Trust

  Penn West and Canetic agreed to merge, creating North America's largest conventional oil and gas trust with an enterprise value above C$15 billion.

  Undisclosed2 sources

• Oct 10, 2007

  Excel-Tech Ltd. (XLTEK)

  Financial advisor to XLTEK · Medical Devices

  Buyer Natus Medical Incorporated

  Natus agreed to acquire TSX-listed Canadian neurodiagnostics maker XLTEK.

  Undisclosed1 source

• Jun 30, 2007

  BCE Inc.

  Financial advisor to BCE · Telecommunications

  Buyer Investor group led by Teachers' Private Capital (OTPP), Providence Equity Partners and Madison Dearborn Partners

  BCE agreed to an all-cash C$42.75 per share leveraged buyout by an OTPP-led consortium valued at C$51.7 billion including debt and preferred equity.

  C$51.7B2 sources

• May 8, 2007

  Alcan Inc.

  Additional financial advisor to Alcan · Metals & Mining

  Buyer Alcoa Inc. (unsolicited offer, not completed)

  Alcoa launched an unsolicited offer for Alcan; Alcan's board recommended rejection and later agreed to a deal with Rio Tinto.

  Undisclosed1 source

• May 3, 2007

  IPSCO Inc.

  Co-advisor to IPSCO; fairness opinion · Steel

  Buyer SSAB Svenskt Stal AB

  SSAB agreed to acquire IPSCO for US$160 per share in cash, a total equity value of US$7.7 billion.

  US$7.7B1 source

• Feb 6, 2007

  TransCanada Corporation

  Joint bookrunner and co-lead underwriter · Energy Infrastructure

  Bought-deal offering of 39.47 million subscription receipts at C$38.00 each (about C$1.5 billion) by TransCanada.

  C$1.5B1 source

• Aug 23, 2006

  Domtar Inc.

  Financial advisor to Domtar; fairness opinion · Forest Products

  Buyer Weyerhaeuser Company (fine paper business)

  Domtar agreed to combine with Weyerhaeuser's fine paper business in a spin-off and plan of arrangement creating the new Domtar Corporation.

  Undisclosed1 source

• Jul 5, 2006

  Hummingbird Ltd.

  Financial advisor to Open Text · Technology

  Buyer Open Text Corporation

  Open Text announced its intention to make a cash offer for Hummingbird, topping the Symphony deal, and secured lock-up agreements with shareholders.

  Undisclosed1 source

• Jul 2006

  NovaGold Resources Inc.

  Financial advisor to NovaGold special committee; inadequacy opinion · Mining & Metals

  Buyer Barrick Gold Corporation

  Barrick launched a hostile all-cash bid for NovaGold at US$14.50 per share (about US$1.29 billion); NovaGold's special committee recommended rejection as inadequate.

  US$1.29B2 sources

• Jun 19, 2006

  Pioneer Metals Corporation

  Financial advisor and dealer manager to NovaGold · Mining & Metals

  Buyer NovaGold Resources Inc.

  NovaGold made a share-exchange offer for Pioneer Metals at a 30% premium; Barrick later launched a competing bid for Pioneer.

  Undisclosed1 source

• Jun 5, 2006

  Trizec Properties, Inc. and Trizec Canada Inc.

  Financial advisor to Trizec Canada; fairness opinion · Real Estate

  Buyer Brookfield Properties Corporation (with The Blackstone Group)

  Brookfield Properties, with Blackstone, agreed to acquire Trizec Properties and Trizec Canada in a transaction valued at US$8.9 billion.

  US$8.9B1 source

• May 23, 2006

  Inco Limited

  Financial advisor to Inco; inadequacy opinion to the board · Mining & Metals

  Buyer Teck Cominco Limited

  Teck Cominco made an unsolicited cash-and-share offer for Inco; Inco's board, advised by three banks, recommended rejection as inadequate.

  Undisclosed1 source

• May 8, 2006

  BlackRock Ventures Inc.

  Financial advisor to BlackRock; fairness opinion · Oil & Gas

  Buyer Shell Canada Limited

  Shell Canada agreed to acquire BlackRock Ventures for $24.00 per share in cash, about C$2.4 billion fully diluted.

  C$2.4B1 source

• Jan 18, 2006

  Adastra Minerals Inc.

  Financial advisor and dealer manager to First Quantum · Mining & Metals

  Buyer First Quantum Minerals Ltd.

  First Quantum launched a share-exchange offer for Adastra valued at C$189.3 million; in April 2006 the parties agreed an improved, recommended offer.

  C$189M2 sources

• 2006

  Ketch Resources Trust

  Fairness opinions to the Advantage board · Oil & Gas

  Buyer Advantage Energy Income Fund

  Advantage and Ketch merged by plan of arrangement, creating a gas-weighted trust with enterprise value of about $2.7 billion, while Advantage internalized its management.

  Undisclosed1 source

• Oct 31, 2005

  Placer Dome Inc.

  Dealer manager in Canada for Barrick's offer · Mining & Metals

  Buyer Barrick Gold Corporation

  Barrick announced an unsolicited offer for Placer Dome on October 31, 2005; after an increased offer and support agreement in January 2006, Placer's board recommended the revised bid.

  Undisclosed3 sources

• Oct 11, 2005

  Falconbridge Limited

  Financial advisor to Inco · Mining & Metals

  Buyer Inco Limited

  Inco launched a friendly take-over offer of cash and Inco shares (about C$34 per share) for Falconbridge to create a Canadian nickel/copper producer; the bid was later overtaken by Xstrata.

  Undisclosed2 sources

• Feb 9, 2005

  Intier Automotive Inc. (minority shares)

  Financial advisor and independent valuator to the special committee · Automotive

  Buyer Magna International Inc.

  Magna agreed to acquire the Intier Class A shares it did not own by plan of arrangement.

  Undisclosed2 sources

• 2005

  Central Alberta Midstream Services (BP and Chevron interests)

  Exclusive financial advisor to the sellers · Midstream

  Buyer SemCanada L.P. · Seller BP Canada Energy Company and Chevron Canada Resources

  BP Canada and Chevron Canada sold their interests in Central Alberta Midstream Services to SemCanada.

  Undisclosed1 source

• Aug 11, 2004

  Gold Fields Limited (international assets outside Southern Africa)

  Independent financial adviser to the IAMGOLD special committee; fairness opinion · Mining & Metals

  Buyer IAMGOLD Corporation · Seller Gold Fields Limited

  IAMGOLD agreed to acquire Gold Fields' mining assets outside Southern Africa in exchange for IAMGOLD shares with a market value of about US$2.1 billion.

  US$2.1B2 sources

• Jul 13, 2004

  Magna Entertainment Corp. (minority shares)

  Financial advisor to the MEC special committee; formal valuations · Gaming & Leisure

  Buyer MI Developments Inc.

  MI Developments made an unsolicited proposal to acquire the Class A shares of Magna Entertainment it did not own.

  Undisclosed2 sources

• Jun 8, 2004

  IAMGOLD Corporation

  Financial advisor to the IAMGOLD special committee; inadequacy opinion · Mining & Metals

  Buyer Golden Star Resources Ltd.

  Golden Star announced an unsolicited share-exchange offer for IAMGOLD as an alternative to the IAMGOLD-Wheaton combination; IAMGOLD's special committee deemed it inadequate.

  Undisclosed2 sources

• May 13, 2004

  Microcell Telecommunications Inc.

  Financial advisor and dealer manager to TELUS · Telecommunications

  Buyer TELUS Corporation

  TELUS announced unsolicited all-cash offers for Microcell's shares and warrants; Microcell ran a strategic process that ended in a Rogers Wireless deal.

  Undisclosed2 sources

• Apr 13, 2004

  MDSI Mobile Data Solutions Inc.

  Fairness opinion · Technology

  Buyer At Road, Inc.

  MDSI agreed to be acquired by @Road for US$9.00 cash or 0.75 @Road shares per share.

  Undisclosed2 sources

• Mar 30, 2004

  Wheaton River Minerals Ltd.

  Financial advisor to IAMGOLD; fairness opinion · Mining & Metals

  Buyer IAMGOLD Corporation

  IAMGOLD and Wheaton River agreed to combine (0.55 IAMGOLD share per Wheaton share); competing proposals from Coeur and Golden Star followed.

  Undisclosed2 sources

• Jan 9, 2004

  Boardwalk Equities Inc.

  Financial advisor to the special committee; fairness opinion · Real Estate

  Buyer Boardwalk Real Estate Investment Trust

  Boardwalk's board approved a proposal to reorganize the company into a REIT, with public shareholders able to take cash or REIT units.

  Undisclosed2 sources

• 2004

  Riverside Forest Products Limited

  Financial advisor to Tolko · Forest Products

  Buyer Tolko Industries Ltd.

  Tolko made an unsolicited C$29.00-per-share offer for the Riverside shares it did not own; Riverside's board recommended rejection and pursued alternatives.

  Undisclosed1 source

• Oct 7, 2003

  Pivotal Corporation

  Financial advisor to Pivotal board · Technology - Software

  Buyer Oak Investment Partners

  Pivotal agreed to be acquired by Oak Investment Partners for US$1.78 per share in cash by plan of arrangement after a strategic review with RBC Capital Markets (Pivotal was later acquired by CDC Software after a competing bid).

  Undisclosed1 source

• Apr 30, 2003

  Stackpole Limited

  Financial advisor and dealer manager to Tomkins · Automotive

  Buyer Tomkins plc

  Tomkins agreed to bid $33.25 per share in cash for Ontario auto-parts maker Stackpole under a lock-up agreement announced April 30, 2003; RBC Dominion Securities was Tomkins' financial advisor and dealer manager.

  Undisclosed1 source

• Mar 6, 2003

  Enerplus Global Energy Management Company

  Financial advisor to the special committee; fairness opinion · Energy - Oil & Gas

  Buyer Enerplus Resources Fund

  Enerplus agreed to internalize management by buying its external manager EGEM for about Cdn$49 million in cash; RBC Dominion Securities advised the special committee and gave a fairness opinion.

  C$49M1 source

• Oct 2002

  Fording Inc.

  Financial advisor to the Fording board; adequacy opinion · Mining - Coal

  Buyer Sherritt Coal Acquisition Inc. (Sherritt International / Ontario Teachers' Pension Plan)

  Sherritt International and Ontario Teachers' Pension Plan launched an unsolicited $29.00-per-share cash bid for Fording on Oct. 25, 2002, later enhanced, setting off a contest that ended in the Fording Canadian Coal Trust restructuring.

  Undisclosed2 sources

• Jun 2002

  Gulf Indonesia Resources Limited

  Financial advisor to the independent committee; fairness opinion · Energy - Oil & Gas

  Buyer Conoco Canada Resources Limited

  Conoco Canada made a US$13.25-per-share cash offer for the minority shares of Gulf Indonesia Resources; RBC Dominion Securities gave the independent committee a fairness opinion.

  Undisclosed1 source

• Jan 2002

  Alberta Energy Company Ltd.

  Financial advisor to PanCanadian; fairness opinion · Energy - Oil & Gas

  Buyer PanCanadian Energy Corporation (renamed EnCana Corporation)

  PanCanadian Energy and Alberta Energy Company agreed under a combination agreement dated Jan. 27, 2002 to merge by plan of arrangement in an all-share deal, creating EnCana.

  Undisclosed1 source

• Aug 21, 2000

  Clearnet Communications Inc.

  Financial advisor to Clearnet · Telecommunications

  Buyer TELUS Corporation

  TELUS agreed to acquire national wireless carrier Clearnet in a cash-and-share offer valued at C$6.6 billion including about $2.0 billion of Clearnet debt, then the largest Canadian telecom acquisition.

  C$6.6B1 source

Based on publicly disclosed transactions captured by BSO; many deal values are not disclosed. Not a league table: coverage is not exhaustive and should not be read as a ranking.